Madhya Pradesh GST amendments: new valuation hierarchy, e-verification, deemed registration and detailed input tax credit procedures. The Madhya Pradesh GST (Amendment) Rules, 2017 (effective 1 July 2017) revise verification and registration procedures (including acceptance via electronic verification code and deemed registration after 15 days), insert Chapter IV on hierarchical methods for determining value of supply (open market value, money consideration equivalents, like-kind value, cost-based and residual methods), and expand Chapter V and related rules governing documentary conditions for claiming input tax credit, reversals for non-payment, special rules for financial institutions and Input Service Distributors, and procedures for invoices, returns, refunds, audits and appeals using prescribed electronic forms.
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Madhya Pradesh GST amendments: new valuation hierarchy, e-verification, deemed registration and detailed input tax credit procedures.
The Madhya Pradesh GST (Amendment) Rules, 2017 (effective 1 July 2017) revise verification and registration procedures (including acceptance via electronic verification code and deemed registration after 15 days), insert Chapter IV on hierarchical methods for determining value of supply (open market value, money consideration equivalents, like-kind value, cost-based and residual methods), and expand Chapter V and related rules governing documentary conditions for claiming input tax credit, reversals for non-payment, special rules for financial institutions and Input Service Distributors, and procedures for invoices, returns, refunds, audits and appeals using prescribed electronic forms.
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