Uttar Pradesh GST rules amend valuation, input tax credit, invoicing, returns and refund procedures to streamline compliance. The amendment inserts a comprehensive valuation Chapter establishing a hierarchical method (open market value; monetary consideration plus equivalent; like kind value; cost based 110% rule; residual reasonable means) and special valuation rules for related parties, agents, barter, foreign exchange, travel and insurance services, vouchers and second hand goods; clarifies electronic signature and deemed registration procedures; and prescribes detailed input tax credit documentary bases, attribution and reversal formulas (including ISD distribution and capital goods tapering over a five year useful life), invoicing, returns matching, refund mechanics, audit, appeals and transitional filing obligations.
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Uttar Pradesh GST rules amend valuation, input tax credit, invoicing, returns and refund procedures to streamline compliance.
The amendment inserts a comprehensive valuation Chapter establishing a hierarchical method (open market value; monetary consideration plus equivalent; like kind value; cost based 110% rule; residual reasonable means) and special valuation rules for related parties, agents, barter, foreign exchange, travel and insurance services, vouchers and second hand goods; clarifies electronic signature and deemed registration procedures; and prescribes detailed input tax credit documentary bases, attribution and reversal formulas (including ISD distribution and capital goods tapering over a five year useful life), invoicing, returns matching, refund mechanics, audit, appeals and transitional filing obligations.
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