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TMI BlogProvisional Assessment section 60X X X X Extracts X X X X X X X X Extracts X X X X ..... plies. The registered person need to be execute a bond and security to be furnished not exceeding twenty five per cent. of the amount covered under the bond. The proper officer has to pass an order within a period not later than 90 days. Time limit for finalization of provisional assessment [ As per section 60(3) ] Final assessment has to be finalized within a period of Six months Extention Of Time limit:- As per Section 60(3) This period of six months may be extended by the Additional/Joint Commissioner if sufficient causes are shown that the order cannot be finalized in six month; such extension will be for a period not exceeding six months. Further Extension :- The Commissioner may extend this period (after the first extension) to such o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ero rated supply) will have to pass the test of unjust enrichment. Interest on refund :- If the refund is not given within 60 days from the date of receipt of refund claim, interest not exceeding 6% shall be paid on such refund as provided in section 56 . Release of security [ Rule 98 (6) (7) ] The applicant may file an application in FORM GST ASMT- 08 for the release of the security furnished under sub-rule (4) after issue of the order under sub-rule (5). The proper officer shall release the security furnished under sub-rule (4), after ensuring that the applicant has paid the amount specified in sub-rule (5) and issue an order in FORM GST ASMT 09 within a period of seven working days from the date of the receipt of the application. Authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in FORM GST ASMT-05 along with a security in the form of a bank guarantee Provided that a bond furnished to the proper officer under the State Goods and Services Tax Act or Integrated Goods and Services Tax Act shall be deemed to be a bond furnished under the provisions of the Act and the rules made thereunder. Explanation .- For the purposes of this rule, the expression amount shall include the amount of integrated tax, central tax, State tax or Union territory tax and cess payable in respect of the transaction. (5) The proper officer shall issue a notice in FORM GST ASMT-06 , calling for information and records required for finalization of assessment and shall issue a final assessment order, specifying the amount payable by the registere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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