Consumer Welfare Fund rules expand fund governance and grant conditions for consumer welfare under GST compliance. The amendment prescribes a formula for refund under an inverted duty structure, defining Net ITC and Adjusted Total Turnover for computing the maximum refund. It establishes a Consumer Welfare Fund with specified receipts credited, auditability by the Comptroller and Auditor General, and administration by a government constituted Standing Committee vested with powers to evaluate applications, require registration and inspections, audit accounts, recover misused grants, and recommend grants, investments and reimbursements. It also revises valuation for capital goods and inserts/formalises final return and order summary forms including GSTR 10, GST ITC 03 and GST DRC 07.
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund rules expand fund governance and grant conditions for consumer welfare under GST compliance.
The amendment prescribes a formula for refund under an inverted duty structure, defining Net ITC and Adjusted Total Turnover for computing the maximum refund. It establishes a Consumer Welfare Fund with specified receipts credited, auditability by the Comptroller and Auditor General, and administration by a government constituted Standing Committee vested with powers to evaluate applications, require registration and inspections, audit accounts, recover misused grants, and recommend grants, investments and reimbursements. It also revises valuation for capital goods and inserts/formalises final return and order summary forms including GSTR 10, GST ITC 03 and GST DRC 07.
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