Refund and Input Tax Credit rules amended: revised formula, enhanced compliance, and obligations to pass on tax benefits to recipients. Amendments clarify valuation, refund computation and compliance: amounts added under clause (b) of s.15(2) are deemed paid for s.16(2) proviso purposes; rule 83(3) time limit extended to eighteen months; refund for inverted duty structure replaced by a formula using turnover of inverted supplies, Net ITC and Adjusted Total Turnover less tax payable; inward supplies must be from a registered person against a tax invoice; fifty per cent of specified cess must be deposited in the State Fund; authorities may order price reduction, repayment with interest, deposits to State and Central Funds, penalties and registration cancellation; forms and annexures for refunds and practitioner eligibility are amended.
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Refund and Input Tax Credit rules amended: revised formula, enhanced compliance, and obligations to pass on tax benefits to recipients.
Amendments clarify valuation, refund computation and compliance: amounts added under clause (b) of s.15(2) are deemed paid for s.16(2) proviso purposes; rule 83(3) time limit extended to eighteen months; refund for inverted duty structure replaced by a formula using turnover of inverted supplies, Net ITC and Adjusted Total Turnover less tax payable; inward supplies must be from a registered person against a tax invoice; fifty per cent of specified cess must be deposited in the State Fund; authorities may order price reduction, repayment with interest, deposits to State and Central Funds, penalties and registration cancellation; forms and annexures for refunds and practitioner eligibility are amended.
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