Assessments

SELF ASSESSMENT: Every registered dealer is liable to file annual return by way of self-assessment in prescribed form specifying such particulars and accompanied by supporting documents as may be prescribed. If the dealer has furnished all the returns within prescribed period and if commissioner satisfied with the correctness and completeness of the filed return he may assess the dealer by way of Self-Assessment.

 
AUDIT ASSESSMENT: With a view to promoting compliance with the provisions of the Act, the Commissioner may arrange for audit of the business of any registered dealer. For this purpose, the selection of the dealers for audit shall be made from amongst the specified dealers.

TURNOVER ESCAPING ASSESSMENT: If the dealer is assessed for any period, under any provision of this act and if the Commissioner has reason to believe that the taxable turn-over is escaped or under assessed or assessed at a lower rate or wrongly been allowed any deduction or credit than after giving an opportunity of being heard to the dealer, Commissioner may assess to the best of his judgment before the five years from the end of the year in respect of which or part of which the tax is assessable.

PROVISIONAL ASSESSMENT: If any dealer has furnished return or revised return according to which:

(i)    Net amount of tax payable in accordance with section 13, is nil, or
(ii)   The amount of tax credit is carried forward for subsequent return, or
(iii)  The amount of refund is claimed there in, or
(iv)  The dealer has claimed in his return or the revised return higher amount of tax credit than the admissible amount, or
(v)   The dealer has not furnished the return in respect of any tax period within the  prescribed time, or
(vi)  The dealer has evaded the tax,

Then the Commissioner shall determine the amount of tax payable in the manner as may be prescribed and serve on such dealer an order of the provisional assessment.