Amendment status not verified — confirm the current text below against the official source.
77 CHAPTER— XII . ASSESSMENT Every registered person shall -self<assess the taxes payable under this Act and furnish {£63m for each tax period as (1) Subject to theprovisions of sub-section3§(2), where the I (2) (3) specified under section 39. taxable person is unable to determine the value ofgoods . or services orboth or determine the rate oftax applicable ' thereto, he may request the proper officer111writing givingreasons for payment oftax on a provisiOnal basis and the proper officer shall pass an order, within a period not later than ninety daysfrom the date ofreceipt of such request, allowingpayment of tax on provisional basis at such rate or on such value as may be specified by The payment oftax 6n provisional basis may be allowed, ifthetaxable person executes abond in suchform as may be prescribed, and with such "surety or security as the - proper officer may deem fit. bindingthe taxableperson for payment of the difference between the amount of ' tax as may be finally assessed and the amount of tax prow‘sionally assessed. 'ihe properofiicer shall, within a periodnot exceeding six months from the date ofthe communication ofthe order issued under sub-section (1), pass the final assessment order after taking into account such information as may be required for finalizing the assessment: Provided that the‘period specified'in this sub-section may, on sufficient cause being shown and for reasons to be recorded in writing, be extended by the Joint Commissioner or Additional Commissioner for a further period not exceeding six months and by the Commissioner forsuch further period not exceeding four years. (4) The registered person shall be liable to pay interest on any tax payable on the supply ofgoods or services both under provisional assessment but not paid on the due date‘specified under sub-section (7) of section 39 or the rules made thereunder, at the rate specified under sub- section (1) of section 50, from the first day after the due date of payment of tax in respect of the said supply Of goods or services or both till the date of actual payment. whether such amount is paid before or after the issuance oforder for final assessment. Self-Assessment. Provisional Assessment.