Introduction:
The GST Act came in force from 1st July, 2017. There were many interpretation issues with respect to the definitions, glossary and terms use in the law. Since, such definitions were adopted from various legacy laws in India prior to GST; such as Service Tax, State VAT, Central Excise Act, Luxury Tax, Entertainment Tax, etc. it was difficult to make applicable one definition for different sectors. Hence, some modifications from existing definitions were made. Therefore, it was important to established a nexus of the terms used in the GST definitions. The definition discussed here is “Assessment”.
So what do you mean by “Assessment”.?
“Assessment” means determination of tax liability under this Act and includes
self-assessment, re-assessment, provisional assessment, summary assessment and
best judgment assessment;
Conclusion:
Hence, it is understood that there are five types of assessment and in these Assessment the tax liability of this Act are:
self-assessment, re-assessment, provisional assessment, summary assessment and
best judgment assessment;