Assesments and Audits
Assesments and Audits
WELCOME
ASSESMENTS
AND AUDITS
Presented by Ganesh, Sameer, Sonali, Pooja and Rutik
Introduction
Assessment :- Assessment under GST is a process by which the tax
authorities examine the returns filed by taxpayers to verify the correctness
of their tax liability. The purpose of assessment is to ensure that taxpayers
have accurately calculated and paid their taxes. Assessment is an
important tool to detect any errors or discrepancies in the returns filed by
taxpayers. There are total 6 types of Assessment.
Audit :- “Audit” has been defined in section 2(13) of the CGST Act, 2017 and
it means the examination of records, returns and other documents
maintained by the registered person under the GST for the time being in
force to verify the correctness of turnover declared, taxes paid, refund
claimed and input tax credit availed. There are total 2 types of Audit.
* Types of Assessment *
Self Assessment
Section 59
This is the first level of assessment, which is done by the taxpayers
themselves. In self-assessment, the taxpayer calculates and pays
their own tax liability, and files the returns accordingly. This is done
on a monthly, quarterly or annual basis, depending on the turnover
of the taxpayer.
Provisional Assessment
Section 60