5 key Points of Best Judgment Assessment
Key Point -1
Best Judgment Assessment u/s 62 (GST Returns not filed) can be completed without giving notice of hearing to the assessee.
Key Point -2
Best Judgment Assessment u/s 62 can be done for non filing of GSTR 3B/ GSTR 3, GSTR 4 (Composition Scheme dealer Return), GSTR 5 (Non resident person return) , GSTR 6 (input Service Distributor Return) , GSTR 7 (GST TDS Return)
But Best Judgment Assessment u/s 62 can not be done for non-filing GSTR-1 (Outward Supply Return ), GSTR 2 (Inward Supply Return) and GSTR-9 (Annual Return).
Key Point -3
Best Judgment Assessment order u/s 62 shall be deemed to be cancelled if the registered person furnishes a valid return within 30 days of the service of the assessment order.
Key Point -4
Late fee under Section 47 and interest under Section 50 will both be applicable in cases of conclusion of best
judgement assessment made under Section 62, even if the assessment order u/s 62 is withdrawn
Key Point -5
Best Judgment Assessment order can be passed within a period of five years from the date specified under section 44 for furnishing of the annual return for the financial year to which the tax not paid relates.
Refer Link in this Video Description for ” Detailed Video on Best Judgement Assessment under GST“
In this Video you will get answer of following Questions :-
- What are Types of Best Judgment Assessment under CGST Act ?
- Who can do Best Judgment Assessment ?
- How Notice can be issued under Best Judgment Assessment ?
- How Best Judgment Assessment can be done?
- What needs to be done by GST officer before passing Best Judgment Assessment ?