Consumer Welfare Fund rules set governance, funding, grant procedures and refund formula for inverted duty GST cases. Substitution to rule 89(5) prescribes a formula for refunds in cases of inverted duty structure: Maximum Refund Amount = (Turnover of inverted-rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies, with 'Net ITC' and 'Adjusted Total Turnover' defined by reference to existing refund provisions; concurrently, rule 97 establishes a Consumer Welfare Fund with specified crediting, audit, Committee governance, powers over registration, inspections, audit, recovery, grant recommendations and eligible applicant categories.
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund rules set governance, funding, grant procedures and refund formula for inverted duty GST cases.
Substitution to rule 89(5) prescribes a formula for refunds in cases of inverted duty structure: Maximum Refund Amount = (Turnover of inverted-rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies, with "Net ITC" and "Adjusted Total Turnover" defined by reference to existing refund provisions; concurrently, rule 97 establishes a Consumer Welfare Fund with specified crediting, audit, Committee governance, powers over registration, inspections, audit, recovery, grant recommendations and eligible applicant categories.
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