How to differentiate Self-Assessment with Provisional assessment?
What is Self-Assessment? How does Provisional assessment work under GST regime? What are the difference between Self-Assessment and Provisional assessment?
System under which the taxpayer is required to declare the basis of his assessment (e.g. taxable income), to submit a calculation of the tax due and, usually, to accompany his calculation with payment of the amount he regards as due. The role of tax authorities is to check (perhaps in random cases) that the taxpayer has correctly disclosed his income.
On provisional assessment, the supplier can pay tax on provisional basis but only after he executes a bond with security, binding them for payment of the difference between the amount of tax as may be finally assessed and the amount of tax provisionally assessed.
The details about Self-Assessment and Provisional assessment 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 Provisional assessment, 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 Provisional assessment separately below. You may kindly read the below links to know more about Provisional assessment and Self-Assessment.
Term Self-Assessment under GST
Term provisional assessment under GST
The above information easily explains about Provisional assessment and Self-Assessment.
We hope, you have satisfied with the difference between Self-Assessment and Provisional assessment explained above. Do you have different thought on difference between Provisional assessment and Self-Assessment?
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CGST Act Section 6 of CGST Act, 2017
CGST Act section 7 Levy and collection of Taxes, Scope of supply
CGST Act section 8 Tax liability on composite and mixed supplies
CGST Act Section 9 Levy and collection of GST
CGST Act section 10 composition Levy under GST
CGST Act section 11 power to grant exemption from tax
CGST Act section 12 Time of supply of goods
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