Difference between Self Assessed Tax and GST Returns

Posted on 11 June 2022 Category : GST terms difference

How to differentiate GST Returns with Self Assessed Tax?

What is GST Returns? How does Self Assessed Tax work under GST regime? What are the difference between GST Returns and Self Assessed Tax?

Under GST system, the following information explains about GST Returns and Self Assessed Tax.

As per GST terms, GST Returns include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient, invoice-level information matching and auto-reversal of Input Tax Credit in case of mismatch. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC.

Self Assessed Tax Self GST assessment is available to every registered taxable person to assess the tax payable by him for any tax period. Thus, determination of tax liability is to be undertaken by the taxpayer himself and stated in the return to be filed by him. The return is required to primarily contain inward supplies in Form GSTR 2 and outward supplies in Form GSTR 1 of goods/services, Input Tax Credit, tax payable and tax paid. Hence, the furnishing of the return shall mean self-assessment of the taxpayer

The details about GST Returns and Self Assessed Tax with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on GST Returns and Self Assessed Tax, so as to enable you to have a clear idea on these GST terms.

We give below web links on GST Returns and Self Assessed Tax separately below. You may kindly read the below links to know more about Self Assessed Tax and GST Returns.

Meaning of term GST Returns under GST

Meaning of term Self Assessed Tax under GST

The above information easily explains about Self Assessed Tax and GST Returns.

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