Difference between Self Assessed Tax and Returns mechanism under GST terms
What is Returns mechanism? How does Self Assessed Tax work under GST regime? What are the difference between Returns mechanism and Self Assessed Tax?
The basic features of the returns mechanism in GST 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 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 details about Returns mechanism and Self Assessed Tax with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Returns mechanism and Self Assessed Tax, so as to enable you to have a clear idea on these GST Terms.
For your immediate reference, we give below web links on Returns mechanism and Self Assessed Tax separately below. You may kindly read the below links to know more about Self Assessed Tax and Returns mechanism.
What is returns mechanism under GST
Meaning of term Self Assessed Tax under GST
The above information easily explains about Self Assessed Tax and Returns mechanism.
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