Refund of input tax credit revised for inverted-duty cases; capital goods valuation, consumer welfare fund and final return form updated. The rules substitute rule 89(5) to prescribe a formula for refund of input tax credit in inverted duty structure cases, defining 'Net ITC' and retaining 'Adjusted Total Turnover,' establish a detailed Consumer Welfare Fund regime with auditability and a constituted Standing Committee having specified powers and procedures, amend capital goods valuation in Form GST ITC-03 to a monthly 1/60th reduction, insert Form GSTR-10 as Final Return with stock and ITC reversal requirements, and substitute FORM GST DRC-07 to standardise summary orders and demand details.
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Refund of input tax credit revised for inverted-duty cases; capital goods valuation, consumer welfare fund and final return form updated.
The rules substitute rule 89(5) to prescribe a formula for refund of input tax credit in inverted duty structure cases, defining "Net ITC" and retaining "Adjusted Total Turnover," establish a detailed Consumer Welfare Fund regime with auditability and a constituted Standing Committee having specified powers and procedures, amend capital goods valuation in Form GST ITC-03 to a monthly 1/60th reduction, insert Form GSTR-10 as Final Return with stock and ITC reversal requirements, and substitute FORM GST DRC-07 to standardise summary orders and demand details.
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