Consumer Welfare Fund rules specify credits, committee powers, grant conditions and usage limits for consumer welfare activities. Amendments revise refund mechanics for inverted duty structure by prescribing a formula linking maximum refund to turnover of inverted-rated supplies, Net ITC and Adjusted Total Turnover less tax payable; establish and regulate the Consumer Welfare Fund including credits, audit, a Standing Committee with defined powers and procedures for grants and monitoring; and amend form instructions for capital goods valuation, insert a Final Return form for cancellation with ITC reversal particulars, and substitute the summary-of-order form.
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund rules specify credits, committee powers, grant conditions and usage limits for consumer welfare activities.
Amendments revise refund mechanics for inverted duty structure by prescribing a formula linking maximum refund to turnover of inverted-rated supplies, Net ITC and Adjusted Total Turnover less tax payable; establish and regulate the Consumer Welfare Fund including credits, audit, a Standing Committee with defined powers and procedures for grants and monitoring; and amend form instructions for capital goods valuation, insert a Final Return form for cancellation with ITC reversal particulars, and substitute the summary-of-order form.
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