GST rule amendments prescribe an inverted duty refund formula and strengthen enforcement for failure to pass on tax benefits. Amendments to the Odisha GST Rules revise valuation and input tax credit conditions, prescribe a formula for refunds of ITC on account of an inverted duty structure with definitions of Net ITC and Adjusted Total Turnover, update forms and annexures for refund and practitioner registration including a declaratory statement, and expand enforcement powers allowing directions for price reduction, return of amounts with interest, deposits into compensation funds, penalties, and cancellation of registration where benefits were not passed to recipients.
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Provisions expressly mentioned in the judgment/order text.
GST rule amendments prescribe an inverted duty refund formula and strengthen enforcement for failure to pass on tax benefits.
Amendments to the Odisha GST Rules revise valuation and input tax credit conditions, prescribe a formula for refunds of ITC on account of an inverted duty structure with definitions of Net ITC and Adjusted Total Turnover, update forms and annexures for refund and practitioner registration including a declaratory statement, and expand enforcement powers allowing directions for price reduction, return of amounts with interest, deposits into compensation funds, penalties, and cancellation of registration where benefits were not passed to recipients.
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