GST rules: Amended valuation hierarchy, detailed input tax credit attribution and reversals, invoicing, returns, refunds and transitional procedures. Amendments prescribe a hierarchical valuation regime: open market value first, then monetary equivalent of non-monetary consideration, comparable supplies, cost-based rule (110% of cost), and a residual reasonable-means rule; special valuation rules apply for currency exchange, travel bookings, insurance, second-hand goods, tokens and pure-agent recoveries. Detailed input tax credit conditions, attribution and reversal formulas, ISD distribution mechanics, capital-good phase-ins and transfer procedures are set. Invoicing, recordkeeping, electronic ledgers, return formats and refund, assessment and transitional procedures are standardized with prescribed forms and timelines.
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Provisions expressly mentioned in the judgment/order text.
GST rules: Amended valuation hierarchy, detailed input tax credit attribution and reversals, invoicing, returns, refunds and transitional procedures.
Amendments prescribe a hierarchical valuation regime: open market value first, then monetary equivalent of non-monetary consideration, comparable supplies, cost-based rule (110% of cost), and a residual reasonable-means rule; special valuation rules apply for currency exchange, travel bookings, insurance, second-hand goods, tokens and pure-agent recoveries. Detailed input tax credit conditions, attribution and reversal formulas, ISD distribution mechanics, capital-good phase-ins and transfer procedures are set. Invoicing, recordkeeping, electronic ledgers, return formats and refund, assessment and transitional procedures are standardized with prescribed forms and timelines.
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