Meghalaya GST amendment sets rules for valuation, input tax credit reversal, invoicing, returns, refunds and audits. The Rules establish a hierarchical method for valuation of supply-open market value; known monetary consideration plus equivalent for non-monetary consideration; value of like-kind and quality supplies; cost-based valuation at 110% of cost; and residual reasonable means. They also set documentary conditions for claiming input tax credit, provide for reversal of ITC where payment remains unpaid beyond 180 days with addition to output liability and interest, and prescribe invoice, return, refund, electronic ledger, assessment and audit procedures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Meghalaya GST amendment sets rules for valuation, input tax credit reversal, invoicing, returns, refunds and audits.
The Rules establish a hierarchical method for valuation of supply-open market value; known monetary consideration plus equivalent for non-monetary consideration; value of like-kind and quality supplies; cost-based valuation at 110% of cost; and residual reasonable means. They also set documentary conditions for claiming input tax credit, provide for reversal of ITC where payment remains unpaid beyond 180 days with addition to output liability and interest, and prescribe invoice, return, refund, electronic ledger, assessment and audit procedures.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
