SELF-ASSESSMENT - Handbook of GST Law & Procedures (CBIC) [October 2024] - GST

5. SELF-ASSESSMENT 5.1 Section 59 of the CGST Act, 2017, provides that every registered person shall self-assess the taxes payable and furnish the prescribed return for each tax period. This is the first level of assessment, which is done by the taxpayers themselves. In self-assessment, the taxpayer calculates and declares his tax liability in the returns filed and pays his tax liability at the time of filing the return. This is done on a monthly, quarterly or annual basis, depending on the turnover of the taxpayer. 5.2 Self-Assessment does not confer authority of an assessing officer on the taxpayer. A taxpayer is required to exercise this liberty to assess tax liability voluntarily with the risk of interest and penalty for any miscalculations or misinterpretations without usurping the role of proper officer. 5.3 If the taxpayer discovers any omission or incorrect particulars in the returns furnished by him, other than the omissions or commissions pointed out by the proper officer consequent to scrutiny of return or audit or inspection or incorrect particulars, then the taxpayer has to rectify such omissions or incorrect particulars and pay the differential tax, if any, along with interest. 5.4 The rectification mentioned above is allowed to be carried out only till the 30th day of November following the end of financial year to which such omissions or incorrect particulars pertain to or the actual date of filing of the Annual Return of the relevant financial year, whichever is earlier.