GST rule amendment: revised refund formula for inverted duty structure and updated compliance, registration, and form requirements. Amendments to the Meghalaya GST Rules, 2017 implement changes including a proviso deeming value added under clause (b) of section 15(2) as paid for section 16(2) purposes; extending limitation in rule 83 to eighteen months; substituting rule 89 to set a formula for refunds arising from inverted duty structures with definitions for Net ITC and Adjusted Total Turnover; clarifying receipt of inward supplies against tax invoices in rule 95; requiring fifty percent deposit of a specified cess into the Fund under rule 97; empowering the authority under rule 133 to order price reductions, returns with interest, deposits to Funds, penalties, or cancellation; and revising forms and practitioner qualifications.
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GST rule amendment: revised refund formula for inverted duty structure and updated compliance, registration, and form requirements.
Amendments to the Meghalaya GST Rules, 2017 implement changes including a proviso deeming value added under clause (b) of section 15(2) as paid for section 16(2) purposes; extending limitation in rule 83 to eighteen months; substituting rule 89 to set a formula for refunds arising from inverted duty structures with definitions for Net ITC and Adjusted Total Turnover; clarifying receipt of inward supplies against tax invoices in rule 95; requiring fifty percent deposit of a specified cess into the Fund under rule 97; empowering the authority under rule 133 to order price reductions, returns with interest, deposits to Funds, penalties, or cancellation; and revising forms and practitioner qualifications.
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