Method of valuation of goods and Self-Assessment

Posted on 11 June 2022 Category : GST terms difference

How to differentiate Self-Assessment with Method of valuation of goods under GST ?

What is Self-Assessment? How does Method of valuation of goods work under GST regime? What are the difference between Self-Assessment and Method of valuation of goods?

Under self assessment system, determination of tax liability is to be undertaken by the taxpayer himself and stated in the return to be filed by him.

GST would normally be payable on the ‘transaction value’. Transaction value is the price actually paid or payable for the said supply of goods and/or services between un-related parties and price is the sole consideration.

The details about Self-Assessment and Method of valuation of goods with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Self-Assessment and Method of valuation of goods, so as to enable you to have a clear idea on these shipping terms.

For your immediate reference, we give below web links on Self-Assessment and Method of valuation of goods separately below. You may kindly read the below links to know more about Method of valuation of goods and Self-Assessment.

Term Self-Assessment under GST

Method of valuation of goods under GST

The above information easily explains about Method of valuation of goods and Self-Assessment.

I hope, you have satisfied with the difference between Self-Assessment and Method of valuation of goods explained above. Do you have different thought on difference between Method of valuation of goods and Self-Assessment?

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CGST Act section 75 General provisions relating to determination of tax

CGST Act section 76 Tax collected but not paid to Government

CGST Act section 77 Tax wrongfully collected and paid to Central Government or State Government

CGST Act Section 78 Initiation of recovery proceedings

CGST Act section 79 Recovery of tax

CGST Act Section 80 Payment of tax and other amount in instalments

CGST Act section 81 Transfer of property to be void in certain cases

CGST Act Section 82 Tax to be first charge on property

CGST Act section 83 Provisional attachment to protect revenue in certain cases