Consumer Welfare Fund governance and refund formula revised, altering grant procedures, applicant obligations and final return requirements. The amendment replaces rule 89(5) with a formula for refunds in cases of inverted duty structure, defining Net ITC and Adjusted Total Turnover. It substitutes rule 97 to establish a Consumer Welfare Fund with prescribed deposits, a constituted Standing Committee, its powers, procedures, applicant eligibility and grant conditions, auditability and recovery mechanisms. It amends FORM GST ITC-03 to prescribe capital goods depreciation at 1/60th monthly, inserts FORM GSTR-10 specifying final-return disclosure and certification of stock and capital goods for ITC reversal, and substitutes FORM GST DRC-07 to standardize summary-of-order reporting.
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Consumer Welfare Fund governance and refund formula revised, altering grant procedures, applicant obligations and final return requirements.
The amendment replaces rule 89(5) with a formula for refunds in cases of inverted duty structure, defining Net ITC and Adjusted Total Turnover. It substitutes rule 97 to establish a Consumer Welfare Fund with prescribed deposits, a constituted Standing Committee, its powers, procedures, applicant eligibility and grant conditions, auditability and recovery mechanisms. It amends FORM GST ITC-03 to prescribe capital goods depreciation at 1/60th monthly, inserts FORM GSTR-10 specifying final-return disclosure and certification of stock and capital goods for ITC reversal, and substitutes FORM GST DRC-07 to standardize summary-of-order reporting.
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