Consumer Welfare Fund rules updated: Committee powers, funding and grant conditions clarified under Telangana GST. The Telangana GST Rules amend refund computation for inverted duty structures by prescribing a formula that ties maximum refund to the turnover of inverted-rated supplies, (ITC on inputs during the relevant period excluding other refund claims) and Adjusted Total Turnover, less tax payable on those supplies. Rule 97 is substituted to establish a Consumer Welfare Fund funded by specified state tax receipts and investment income, audited accounts, and a Government constituted Standing Committee with enumerated powers to regulate applications, grant disbursement, recovery, audit and investment of Fund monies. Several GST forms and form instructions are revised to reflect valuation, reversal and reporting requirements.
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Consumer Welfare Fund rules updated: Committee powers, funding and grant conditions clarified under Telangana GST.
The Telangana GST Rules amend refund computation for inverted duty structures by prescribing a formula that ties maximum refund to the turnover of inverted-rated supplies, (ITC on inputs during the relevant period excluding other refund claims) and Adjusted Total Turnover, less tax payable on those supplies. Rule 97 is substituted to establish a Consumer Welfare Fund funded by specified state tax receipts and investment income, audited accounts, and a Government constituted Standing Committee with enumerated powers to regulate applications, grant disbursement, recovery, audit and investment of Fund monies. Several GST forms and form instructions are revised to reflect valuation, reversal and reporting requirements.
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