THE CENTRAL GOODS AND
SERVICES TAX ACT, 2017
ASSESSMENT
Section 62:
Assessment of non-filers of
returns.
(Relevant Rule 100
&142) (Relevant
Updates)
*(1)
Notwithstanding anything to the contrary contained in
section 73 or
section 74,
3[or
section 74A.] 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 judgment
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.
*(2) Where the registered person furnishes a
valid return
within 1[sixty
days]
[helldod old[thirty days]helldod] 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withdrawn but the liability for payment of interest under sub-section (1) of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.
2[Provided that where the registered person
fails to furnish a valid return within sixty days of the service of the
assessment order under sub-section (1), he may furnish the same within a further
period of sixty days on payment of an additional late fee of one hundred rupees
for each day of delay beyond sixty days of the service of the said assessment
order and in case he furnishes valid return within such extended period, the
said assessment order shall be deemed to have been withdrawn, but the liability
to pay interest under sub section (1) of section 50 or to pay late fee under
section 47 shall continue.]
1.
Substituted Vide:- Section 148 of Finance Act
2023 vide Notification
No. 28/2023 - Central Tax dt. 31.07.2023 (w.e.f. 01.10.2023)
2. Inserted
Vide:- Section 148 of Finance Act
2023 vide Notification
No. 28/2023 - Central Tax dt. 31.07.2023 (w.e.f. 01.10.2023)
3. Inserted
Vide:
Section 130 of Finance (No. 2) Act 2024
vide Notification No. 17/2024-Central
Tax dt. 27.09.2024 (w.e.f. 01.11.2024)