Refund on inverted duty structure formula clarified, and Consumer Welfare Fund plus GST forms amended. Amendments replace rule 89(5) to prescribe a formula for refunds on account of inverted duty structure, defining 'Net ITC' and referencing 'Adjusted Total Turnover'; substitute rule 97 to establish the Consumer Welfare Fund with auditability, a constituted Standing Committee with specified powers and procedures, eligible applicants, and recommended uses of the Fund; and amend forms-ITC-03 (capital goods value reduction guidance), insert GSTR-10 (final return on cancellation with stock and tax reversal details), and revise DRC-07 (order summary and demand/deposit particulars).
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.
Refund on inverted duty structure formula clarified, and Consumer Welfare Fund plus GST forms amended.
Amendments replace rule 89(5) to prescribe a formula for refunds on account of inverted duty structure, defining "Net ITC" and referencing "Adjusted Total Turnover"; substitute rule 97 to establish the Consumer Welfare Fund with auditability, a constituted Standing Committee with specified powers and procedures, eligible applicants, and recommended uses of the Fund; and amend forms-ITC-03 (capital goods value reduction guidance), insert GSTR-10 (final return on cancellation with stock and tax reversal details), and revise DRC-07 (order summary and demand/deposit particulars).
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 
