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Post credit to Advocate Bharat Raichandani
Goods and Services Tax (GST) is a comprehensive indirect tax that has been a game-changer in the Indian tax landscape. It has simplified the taxation system by subsuming various indirect taxes and creating a unified tax regime. Under the GST regime, every taxpayer is required to assess their tax liability, file returns, and pay taxes accordingly. However, there may be instances where the tax authorities need to assess, demand, or recover taxes from taxpayers. In this article, we’ll delve into the concepts of GST assessment, demand, and recovery.
GST assessment is a process by which the tax authorities determine whether a taxpayer has paid the correct amount of GST. It is essential to ensure compliance and prevent tax evasion. There are mainly three types of GST assessments:
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