Chapter XII (Sections 59-64) of the Central Goods and Services Tax (CGST) Act, 2017 deals with provisions related to assessment. Section 62 of Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Assessment of non-filers of returns under CGST Act 2017.
Recently, we have discussed in detail section 61 (i.e. Scrutiny of returns) of CGST Act 2017. Today, we learn the provisions of section 62 of the CGST Act 2017. Complete Details of CGST Section 62 – Assessment of non-filers of returns. You may CLICK HERE to download list of all sections of CGST Act 2017 in PDF format.
Notes on Section 62 of CGST Act 2017
Section 62 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. In this note, you will learn detail of the provisions of section 62 of CGST Act 2017 read with Central GST Rules 2017.
Section 62(1): Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to furnish the return under section 39 or section 45, even after the service of a notice under section 46, the proper officer may proceed to assess the tax liability of the said person to the best of his judgement taking into account all the relevant material which is available or which he has gathered and issue an assessment order 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.
Section 62(2): Where the registered person furnishes a valid return within thirty days of the service of the assessment order under sub-section (1), the said assessment order shall be deemed to have been withdrawn but the liability for payment of interest under sub-section (1) of section 50 or for payment of late fee under section 47 shall continue.