Refund of input tax credit: revised formula and procedural amendments modify eligibility, documentation, and fund deposits. Amendments effective from 13 June 2018 (with certain provisions from 1 July 2017) revise Jharkhand GST Rules to: deem amounts added under clause (b) of section 15(2) as paid for purposes of section 16(2); extend a limitation period from one year to eighteen months; prescribe a formula for maximum refund on account of inverted duty structure with definitions of Net ITC and Adjusted Total Turnover; require inward supplies to be from registered persons against tax invoices; mandate deposit of fifty percent of specified cess into the Compensation Fund; expand Authority remedies for failure to pass on tax benefits; add an exception for movement of empty LPG cylinders; and amend multiple GST forms and annexures.
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Provisions expressly mentioned in the judgment/order text.
Refund of input tax credit: revised formula and procedural amendments modify eligibility, documentation, and fund deposits.
Amendments effective from 13 June 2018 (with certain provisions from 1 July 2017) revise Jharkhand GST Rules to: deem amounts added under clause (b) of section 15(2) as paid for purposes of section 16(2); extend a limitation period from one year to eighteen months; prescribe a formula for maximum refund on account of inverted duty structure with definitions of Net ITC and Adjusted Total Turnover; require inward supplies to be from registered persons against tax invoices; mandate deposit of fifty percent of specified cess into the Compensation Fund; expand Authority remedies for failure to pass on tax benefits; add an exception for movement of empty LPG cylinders; and amend multiple GST forms and annexures.
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