Refund of Input Tax Credit recalibrated under inverted duty structure; Consumer Welfare Fund established with committee and safeguards. The amendment prescribes a formula for refund of input tax credit under inverted duty structures, defining Net ITC and Adjusted Total Turnover; establishes a Consumer Welfare Fund credited with specified State tax receipts and a share of integrated tax, subject to audit and payable as ordered; creates a Standing Committee with defined composition, powers and applicant eligibility to recommend grants, investments and legal expense reimbursements; and revises forms and instructions including capital goods valuation (1/60th monthly), insertion of FORM GSTR-10 (Final Return) and substitution of FORM GST DRC-07 (order summary).
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Refund of Input Tax Credit recalibrated under inverted duty structure; Consumer Welfare Fund established with committee and safeguards.
The amendment prescribes a formula for refund of input tax credit under inverted duty structures, defining Net ITC and Adjusted Total Turnover; establishes a Consumer Welfare Fund credited with specified State tax receipts and a share of integrated tax, subject to audit and payable as ordered; creates a Standing Committee with defined composition, powers and applicant eligibility to recommend grants, investments and legal expense reimbursements; and revises forms and instructions including capital goods valuation (1/60th monthly), insertion of FORM GSTR-10 (Final Return) and substitution of FORM GST DRC-07 (order summary).
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