Consumer Welfare Fund rules set fund crediting, committee governance and permissible grant and investment uses under state GST. The rules amend refund mechanics for an inverted duty structure by prescribing a capped refund formula based on turnover of inverted-rated supplies, Net ITC (inputs' ITC in the relevant period excluding amounts claimed under other refund provisions) and Adjusted Total Turnover, less tax payable on such supplies. They establish a Consumer Welfare Fund with specified sources, audit requirement and a Standing Committee empowered to register, inspect, audit applicants, recommend grants and investments, recover misused funds, and set utilisation and publicity limits. They also revise FORM ITC-03 capital goods valuation, insert FORM GSTR-10 for final returns on cancellation, and substitute FORM DRC-07 summary order format.
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund rules set fund crediting, committee governance and permissible grant and investment uses under state GST.
The rules amend refund mechanics for an inverted duty structure by prescribing a capped refund formula based on turnover of inverted-rated supplies, Net ITC (inputs' ITC in the relevant period excluding amounts claimed under other refund provisions) and Adjusted Total Turnover, less tax payable on such supplies. They establish a Consumer Welfare Fund with specified sources, audit requirement and a Standing Committee empowered to register, inspect, audit applicants, recommend grants and investments, recover misused funds, and set utilisation and publicity limits. They also revise FORM ITC-03 capital goods valuation, insert FORM GSTR-10 for final returns on cancellation, and substitute FORM DRC-07 summary order format.
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