West Bengal GST rules: detailed valuation hierarchy, ITC entitlement, ISD distribution, invoicing, returns and refund procedures. Rules establish a valuation hierarchy for supplies (open market value; monetary consideration plus money-equivalent; value of like goods; cost-based and residual methods), special valuation for foreign exchange, insurance, second hand goods and vouchers, and exclude pure agent expenditures when conditions are met. Input tax credit requires specific documents, matching in returns, reversal where consideration remains unpaid beyond prescribed period with interest, ISD distribution formulas, attribution and annual finalisation of common credit, special treatment for capital goods over a five year useful life, and procedures for transfer of unutilised credit on business change; extensive invoicing, record keeping, returns, refund, audit and appeal forms and processes are prescribed.
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Provisions expressly mentioned in the judgment/order text.
West Bengal GST rules: detailed valuation hierarchy, ITC entitlement, ISD distribution, invoicing, returns and refund procedures.
Rules establish a valuation hierarchy for supplies (open market value; monetary consideration plus money-equivalent; value of like goods; cost-based and residual methods), special valuation for foreign exchange, insurance, second hand goods and vouchers, and exclude pure agent expenditures when conditions are met. Input tax credit requires specific documents, matching in returns, reversal where consideration remains unpaid beyond prescribed period with interest, ISD distribution formulas, attribution and annual finalisation of common credit, special treatment for capital goods over a five year useful life, and procedures for transfer of unutilised credit on business change; extensive invoicing, record keeping, returns, refund, audit and appeal forms and processes are prescribed.
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