Amended and updated notes on section 60 of CGST Act, 2017. Detail discussion on provisions and rules related to provisional assessment.
Chapter XII (Sections 59–64) of the Central Goods and Services Tax Act, 2017 deals with the provisions related to assessment. Section 60 of CGST 2017 provides for provisional assessment.
Recently, we have discussed in detail section 59 (Self-assessment) of CGST Act 2017. Today, we learn the provisions of section 60 of Central GST Act 2017.
Section 60 of the Central Goods and Services Tax Act, 2017 has been notified by the Ministry of Finance vide Notification No. 9/2017-Central Tax, G.S.R. 658(E), dated 28.06.2017. This notification was come into force from 1st July, 2017 i.e. the commencement date of section 60 is 1-7-2017.
| Name of Act | The Central Goods and Services Tax Act 2017 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Central Board of Indirect Taxes & Customs |
| Governing body | GST Council |
| Number of Chapters | 21 |
| Number of Sections | 174 |
| You are reading: | |
| Chapter No. | XII |
| Chapter Name | Assessment |
| Section No. | 60 |
| Section Name | Provisional assessment |
| Updated 2024 Edition | GST Law Book PDF |
Relevant Rules and Forms for GST Section 60:
- Rule 98: Provisional Assessment
- FORM GST ASMT-01: Application for Provisional Assessment under section 60
- FORM GST ASMT-02: Notice for Seeking Additional Information / Clarification / Documents for provisional assessment
- FORM GST ASMT-03: Reply to the notice seeking additional information
- FORM GST ASMT-04: Order of Provisional Assessment
- FORM GST ASMT-05: Furnishing of Security
- FORM GST ASMT-06: Notice for seeking additional information / clarification / documents for final assessment
- FORM GST ASMT-07: Final Assessment Order
- FORM GST ASMT-08: Application for Withdrawal of Security
- FORM GST ASMT-09: Order for release of security or rejecting the application
Section 60 of Central GST – Provisional assessment1
Section 60 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017-Central Tax, G.S.R. 658(E), dated 28.06.2017.
Section 60(1) of CGST Act
Section 60(1): Subject to the provisions of sub-section (2), where the taxable person is unable to determine the value of goods or services or both or determine the rate of tax applicable thereto, he may request the proper officer in writing giving reasons for payment of tax on a provisional basis and the proper officer shall pass an order, within a period not later than ninety days from the date of receipt of such request, allowing payment of tax on provisional basis at such rate or on such value as may be specified by him.
Section 60(2) of CGST Act
Section 60(2): The payment of tax on provisional basis may be allowed, if the taxable person executes a bond in such form as may be prescribed, and with such surety or security as the proper officer may deem fit, binding the taxable person for payment of the difference between the amount of tax as may be finally assessed and the amount of tax provisionally assessed.
Section 60(3) of CGST Act
Section 60(3): The proper officer shall, within a period not exceeding six months from the date of the communication of the order issued under sub-section (1), pass the final assessment order after taking into account such information as may be required for finalizing the assessment:
Provided that the period specified in this sub-section may, on sufficient cause being shown and for reasons to be recorded in writing, be extended by the Joint Commissioner or Additional Commissioner for a further period not exceeding six months and by the Commissioner for such further period not exceeding four years.
Section 60(4) of CGST Act
Section 60(4): The registered person shall be liable to pay interest on any tax payable on the supply of goods or services or both under provisional assessment but not paid on the due date specified under sub-section (7) of section 39 or the rules made thereunder, at the rate specified under sub-section (1) of section 50, from the first day after the due date of payment of tax in respect of the said supply of goods or services or both till the date of actual payment, whether such amount is paid before or after the issuance of order for final assessment.
Section 60(5) of CGST Act
Section 60(5): Where the registered person is entitled to a refund consequent to the order of final assessment under sub-section (3), subject to the provisions of sub-section (8) of section 54, interest shall be paid on such refund as provided in section 56.
- Section 60 of CGST Act 2017 shall come into force on 01.07.2017 vide Notification No. 9/2017-Central Tax, G.S.R. 658(E), dated 28.06.2017. ↩︎