Consumer Welfare Fund establishes governance and committee powers for administering GST-related grants and eligible consumer assistance. The amendment prescribes a formula for maximum refund of input tax credit on inverted rated supplies by allocating Net ITC proportionately to turnover of such supplies against Adjusted Total Turnover and deducting tax payable; it defines Net ITC and Adjusted Total Turnover. It establishes a Consumer Welfare Fund to receive specified tax receipts, requires audited accounts, mandates a Standing Committee with defined composition, powers and procedures to recommend grants, investments and reimbursements, and sets eligibility criteria for applicants. It also amends forms and instructions for capital goods valuation, final return (GSTR-10) and order summary (DRC-07).
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund establishes governance and committee powers for administering GST-related grants and eligible consumer assistance.
The amendment prescribes a formula for maximum refund of input tax credit on inverted rated supplies by allocating Net ITC proportionately to turnover of such supplies against Adjusted Total Turnover and deducting tax payable; it defines Net ITC and Adjusted Total Turnover. It establishes a Consumer Welfare Fund to receive specified tax receipts, requires audited accounts, mandates a Standing Committee with defined composition, powers and procedures to recommend grants, investments and reimbursements, and sets eligibility criteria for applicants. It also amends forms and instructions for capital goods valuation, final return (GSTR-10) and order summary (DRC-07).
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