GST rule amendment updates refund formula, form requirements, and obligations to pass on tax benefits to recipients. The amendment revises valuation and compliance rules, extends a time limit from one year to eighteen months, and makes many changes effective from 1 July, 2017. It prescribes a formula for refunds of input tax credit due to inverted duty structure using turnover of inverted rated supplies, Net ITC and Adjusted Total Turnover, and substitutes statements in refund forms and GSTR-4. It also mandates invoice-backed inward supplies for specified conditions, requires deposit of fifty per cent of certain cess into the Fund, empowers the Authority to remedy failures to pass on benefits, and amends practitioner eligibility and declarations in FORM GST PCT-01.
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GST rule amendment updates refund formula, form requirements, and obligations to pass on tax benefits to recipients.
The amendment revises valuation and compliance rules, extends a time limit from one year to eighteen months, and makes many changes effective from 1 July, 2017. It prescribes a formula for refunds of input tax credit due to inverted duty structure using turnover of inverted rated supplies, Net ITC and Adjusted Total Turnover, and substitutes statements in refund forms and GSTR-4. It also mandates invoice-backed inward supplies for specified conditions, requires deposit of fifty per cent of certain cess into the Fund, empowers the Authority to remedy failures to pass on benefits, and amends practitioner eligibility and declarations in FORM GST PCT-01.
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