Amendment to Section 75: Definition of Self-Assessed Tax
The Central Goods and Services Tax Act has been updated with an amendment to Section 75. Specifically, a new explanation has been added to sub-section (12) of this section. This explanation clarifies the meaning of "self-assessed tax." According to the amendment, "self-assessed tax" includes the tax payable on outward supplies that have been reported under Section 37 but were not included in the return filed under Section 39. This means that even if certain tax liabilities are not reported in the official return, they are still considered part of the self-assessed tax if they have been detailed in the outward supplies report. This clarification aims to ensure that all tax responsibilities are accounted for, even if they are not directly included in the regular tax return process.
Note: It is an AI generated summary for reference purpose only.
Amendment of section 75.
114. In section 75 of the Central Goods and Services Tax Act, in sub-section (12), the following Explanation shall be inserted, namely:–
‘Explanation.–– For the purposes of this sub-section, the expression "self-assessed tax" shall include the tax payable in respect of details of outward supplies furnished under section 37, but not included in the return furnished under section 39.
