Consumer Welfare Fund established for GST credits with a Standing Committee to allocate grants and ensure proper utilisation. The amendment prescribes a formula for refund on account of inverted duty structure defining 'Net ITC' and 'Adjusted Total Turnover'; establishes a Consumer Welfare Fund with specified crediting, a Standing Committee with powers to vet applicants, audit accounts, impose recovery and prosecution for misuse, and recommend grants and investments; and updates forms, including capital goods depreciation in ITC-03, insertion of FORM GSTR-10 for final return on cancellation, and substitution of FORM GST DRC-07 for order summaries.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund established for GST credits with a Standing Committee to allocate grants and ensure proper utilisation.
The amendment prescribes a formula for refund on account of inverted duty structure defining "Net ITC" and "Adjusted Total Turnover"; establishes a Consumer Welfare Fund with specified crediting, a Standing Committee with powers to vet applicants, audit accounts, impose recovery and prosecution for misuse, and recommend grants and investments; and updates forms, including capital goods depreciation in ITC-03, insertion of FORM GSTR-10 for final return on cancellation, and substitution of FORM GST DRC-07 for order summaries.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
