Returns mechanism Vs. Self Assessed Tax

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.

 

We hope, you have satisfied with the difference between Returns mechanism and Self Assessed Tax explained above. Do you have different thought on difference between Self Assessed Tax and Returns mechanism?

 

Share below your thoughts about Returns mechanism and Self Assessed Tax

 

 

 

Learn Exports Imports Free, Click here

Click here to know GST rate of your goods or service

Impact of GST on imports in India

Applicable import duty after GST implantation

How to calculate IGST under imports?

Changes in IEC after GST

Linking IEC with GSTIN in customs

Import under EPCG after GST

GST on imports by EOUs and SEZs

Changes of operation of SEZ

Does CVD exists under project imports?

Baggage clearance after GST implementation

Meaning and scope of supply under GST

Term All Industry Rate (AIR) undeWhat is Non-taxable and GST-free supplies

Term Non-Filers and Late-Filers under GST

Term non-taxable supply under GST

What is Invoice under GST

Non Registered person under GST

Exemptions under GST Registration

Term Net value of taxable supplies under GST

What is Net Taxable Turnover under GST

What is NEFT or RTGS option under GST

What is Business Vertical under GST

Meaning of Migration to GST

Migration of existing taxpayers under GST

Meaning of Merchant Overtime charges (MOT) under GSTr GST

 

 Is Customs House Agents (CHA ) required to be appointed mandatory?

 Is DP terms of payment safe in export business?

Is Letter of Credit LC safe for an Importer?

 Is ON BOARD CERTIFICATE required for LC negotiation

 How to make DA mode of payment safe

How to make delay in delivery of Shipment?

 How to minimize import cargo clearance time? An open logic proposal to WTO

How to obtain a duplicate BL, if original bill of lading lost.

How to obtain GSP - Certificate of Origin?

How to obtain Phyto sanitary certificate. What is phytosanitary certification

How to export from India to Mali?

Documents required for Export from Mali

Customs procedures for Mali Export

 


Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers