GST value determination and input tax credit rules updated, prescribing valuation, invoice, return, refund, audit and transitional procedures. The rules set a hierarchical valuation regime for supplies (open market value, monetary equivalent, like goods, cost-based and residual methods), exclude pure-agent costs where conditions are met, prescribe detailed documentary and procedural conditions for claiming and distributing input tax credit including reversals for non-payment and banking-specific options, mandate comprehensive invoice/record-keeping and electronic return/ledger procedures, and establish payment, refund, assessment, audit and transitional mechanisms with prescribed forms and formulas.
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Provisions expressly mentioned in the judgment/order text.
GST value determination and input tax credit rules updated, prescribing valuation, invoice, return, refund, audit and transitional procedures.
The rules set a hierarchical valuation regime for supplies (open market value, monetary equivalent, like goods, cost-based and residual methods), exclude pure-agent costs where conditions are met, prescribe detailed documentary and procedural conditions for claiming and distributing input tax credit including reversals for non-payment and banking-specific options, mandate comprehensive invoice/record-keeping and electronic return/ledger procedures, and establish payment, refund, assessment, audit and transitional mechanisms with prescribed forms and formulas.
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