Consumer Welfare Fund rules: state tax and investment income credited, committee empowered to manage grants and utilization. Amendments revise the refund formula for inverted duty structure, defining 'Net ITC' and 'Adjusted Total turnover' for refund calculation; establish a Consumer Welfare Fund with mandated credits, audit, a Standing Committee with specified powers and procedures to recommend grants and investments; and amend forms and instructions including capital goods valuation in ITC 03, insertion of FORM GSTR 10 Final Return with stock and tax reversal requirements on cancellation, and substitution of FORM GST DRC 07 for order summaries.
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Provisions expressly mentioned in the judgment/order text.
Consumer Welfare Fund rules: state tax and investment income credited, committee empowered to manage grants and utilization.
Amendments revise the refund formula for inverted duty structure, defining "Net ITC" and "Adjusted Total turnover" for refund calculation; establish a Consumer Welfare Fund with mandated credits, audit, a Standing Committee with specified powers and procedures to recommend grants and investments; and amend forms and instructions including capital goods valuation in ITC 03, insertion of FORM GSTR 10 Final Return with stock and tax reversal requirements on cancellation, and substitution of FORM GST DRC 07 for order summaries.
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