GST Rule Amendments tighten inverted-duty refund formula and require deposits to compensation fund while updating compliance forms. The amendments revise MP GST Rules to deem certain added values under section 15(2)(b) as paid for section 16(2) purposes, extend a one-year period to eighteen months, and substitute rule 89(5) (effective 1 July 2017) prescribing a formula for refund of input tax credit due to inverted duty structure-defining Net ITC and Adjusted Total Turnover and computing Maximum Refund Amount net of tax payable. They require inward supplies to be received against tax invoices, mandate deposit of fifty percent of specified cess into the Compensation Fund, empower the Authority to order price reductions, returns with eighteen percent interest, fund deposits, penalties and registration cancellation for failure to pass benefits, add an LPG cylinder movement exception, and amend multiple forms and annexures accordingly.
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GST Rule Amendments tighten inverted-duty refund formula and require deposits to compensation fund while updating compliance forms.
The amendments revise MP GST Rules to deem certain added values under section 15(2)(b) as paid for section 16(2) purposes, extend a one-year period to eighteen months, and substitute rule 89(5) (effective 1 July 2017) prescribing a formula for refund of input tax credit due to inverted duty structure-defining Net ITC and Adjusted Total Turnover and computing Maximum Refund Amount net of tax payable. They require inward supplies to be received against tax invoices, mandate deposit of fifty percent of specified cess into the Compensation Fund, empower the Authority to order price reductions, returns with eighteen percent interest, fund deposits, penalties and registration cancellation for failure to pass benefits, add an LPG cylinder movement exception, and amend multiple forms and annexures accordingly.
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