Integrated Goods and Services Tax fund settlement rule sets time-bound reconciliation, revised calculations, and State-wise sanction procedures. Rule 11 sets out the monthly settlement mechanism for Integrated Goods and Services Tax funds, requiring the Principal Chief Controller of Accounts to compute State-wise net payments and send summaries for provisional and final sanction orders. It also provides time-bound procedures for reconciling discrepancies in Goods and Services Tax Network data, including revised calculations, final settlement steps through the Department of Revenue, the Reserve Bank of India and accounting authorities, and a separate process for discrepancies in Standard Operating Procedure-based lists.
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Integrated Goods and Services Tax fund settlement rule sets time-bound reconciliation, revised calculations, and State-wise sanction procedures.
Rule 11 sets out the monthly settlement mechanism for Integrated Goods and Services Tax funds, requiring the Principal Chief Controller of Accounts to compute State-wise net payments and send summaries for provisional and final sanction orders. It also provides time-bound procedures for reconciling discrepancies in Goods and Services Tax Network data, including revised calculations, final settlement steps through the Department of Revenue, the Reserve Bank of India and accounting authorities, and a separate process for discrepancies in Standard Operating Procedure-based lists.
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