Refund of input tax credit for inverted duty structure clarified with formula and procedural revisions for compliance and forms. Amendments modify valuation, refund, procedural and compliance rules: a proviso in rule 37 deems certain added amounts as paid for section 16 purposes; rule 83 extends a temporal reference to eighteen months; rule 89(5) prescribes a formula for refund of input tax credit for inverted duty structures defining Net ITC and Adjusted Total Turnover; rule 95 requires inward supplies to be received against a tax invoice from a registered person; rule 97 mandates deposit of fifty per cent of a specified cess into the Fund; rule 133(3) empowers the Authority to order price reductions, returns with interest, fund deposits, penalties and registration cancellation where benefits were not passed on; rule 138 adds an exemption for movement of empty LPG cylinders for reasons other than supply; and multiple form and annexure revisions are enacted.
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Provisions expressly mentioned in the judgment/order text.
Refund of input tax credit for inverted duty structure clarified with formula and procedural revisions for compliance and forms.
Amendments modify valuation, refund, procedural and compliance rules: a proviso in rule 37 deems certain added amounts as paid for section 16 purposes; rule 83 extends a temporal reference to eighteen months; rule 89(5) prescribes a formula for refund of input tax credit for inverted duty structures defining Net ITC and Adjusted Total Turnover; rule 95 requires inward supplies to be received against a tax invoice from a registered person; rule 97 mandates deposit of fifty per cent of a specified cess into the Fund; rule 133(3) empowers the Authority to order price reductions, returns with interest, fund deposits, penalties and registration cancellation where benefits were not passed on; rule 138 adds an exemption for movement of empty LPG cylinders for reasons other than supply; and multiple form and annexure revisions are enacted.
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