GST amendment establishes rules for valuation, input tax credit, invoicing, returns, refunds, audits and anti profiteering measures. Inserts rules for valuation of supplies prioritising open market value and defined fallbacks for non-monetary consideration, related party and agent transactions; establishes documentary and procedural conditions for availing, attributing, distributing and reversing input tax credit (including formulas for partial use and capital goods, duties on non-payment, and transitional credit claims); prescribes formats and special cases for tax invoices, delivery challans and vouchers; mandates electronic recordkeeping, returns, matching of credits/liabilities and ledger payment mechanisms; sets refund, assessment, audit and provisional assessment procedures; creates Anti Profiteering Authority and interim e way provisions.
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GST amendment establishes rules for valuation, input tax credit, invoicing, returns, refunds, audits and anti profiteering measures.
Inserts rules for valuation of supplies prioritising open market value and defined fallbacks for non-monetary consideration, related party and agent transactions; establishes documentary and procedural conditions for availing, attributing, distributing and reversing input tax credit (including formulas for partial use and capital goods, duties on non-payment, and transitional credit claims); prescribes formats and special cases for tax invoices, delivery challans and vouchers; mandates electronic recordkeeping, returns, matching of credits/liabilities and ledger payment mechanisms; sets refund, assessment, audit and provisional assessment procedures; creates Anti Profiteering Authority and interim e way provisions.
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