Consumer Welfare Fund strengthened with governance, powers, and limits for utilisation and grants under GST rules. The amendment prescribes a formula for refund of input tax credit on inverted duty structure-linking maximum refund to turnover of inverted-rated supplies, Net ITC (excluding credits already claimed under specified sub-rules) and Adjusted Total Turnover, less tax payable on such supplies. It establishes a detailed Consumer Welfare Fund regime: sources of credit, Comptroller and Auditor General audit, a Standing Committee with defined composition, powers to vet applicants, audit accounts, recover misused grants, and recommend grants or investments; and inserts/formalises obligations and forms including ITC valuation, FORM GSTR-10 (Final Return) and FORM GST DRC-07 (order summary).
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund strengthened with governance, powers, and limits for utilisation and grants under GST rules.
The amendment prescribes a formula for refund of input tax credit on inverted duty structure-linking maximum refund to turnover of inverted-rated supplies, Net ITC (excluding credits already claimed under specified sub-rules) and Adjusted Total Turnover, less tax payable on such supplies. It establishes a detailed Consumer Welfare Fund regime: sources of credit, Comptroller and Auditor General audit, a Standing Committee with defined composition, powers to vet applicants, audit accounts, recover misused grants, and recommend grants or investments; and inserts/formalises obligations and forms including ITC valuation, FORM GSTR-10 (Final Return) and FORM GST DRC-07 (order summary).
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