Consumer Welfare Fund rules and GST form amendments clarify refunds, committee governance, and final return requirements. Substituted rule prescribes a formula for refund on account of inverted duty structure using turnover of inverted rated supplies, Net ITC (input tax credit on inputs during the period excluding credits claimed under specified refund sub rules) and Adjusted Total Turnover, less tax payable on such supplies. Rule 97 is replaced to constitute a Consumer Welfare Fund receiving specified state tax receipts and investment income, to be administered via a Standing Committee with specified powers, procedures and audit requirements. Forms ITC 03, GSTR 10 and DRC 07 are amended or inserted, including capital goods value reduction and final return requirements.
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund rules and GST form amendments clarify refunds, committee governance, and final return requirements.
Substituted rule prescribes a formula for refund on account of inverted duty structure using turnover of inverted rated supplies, Net ITC (input tax credit on inputs during the period excluding credits claimed under specified refund sub rules) and Adjusted Total Turnover, less tax payable on such supplies. Rule 97 is replaced to constitute a Consumer Welfare Fund receiving specified state tax receipts and investment income, to be administered via a Standing Committee with specified powers, procedures and audit requirements. Forms ITC 03, GSTR 10 and DRC 07 are amended or inserted, including capital goods value reduction and final return requirements.
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