Inverted tax structure refunds redefined with a specific computation formula, documentation requirements and enhanced compliance measures. The amendment prescribes a specific formula for refunds arising from the inverted tax structure, defining Net ITC and Adjusted Total Turnover, mandates invoice based documentation for inward supplies, updates refund statement formats in refund forms, requires deposit of fifty percent of specified cess into the Fund, strengthens enforcement for failure to pass on rate reductions including restitution with interest, and amends practitioner eligibility and form declarations and other procedural and valuation provisions.
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Provisions expressly mentioned in the judgment/order text.
Inverted tax structure refunds redefined with a specific computation formula, documentation requirements and enhanced compliance measures.
The amendment prescribes a specific formula for refunds arising from the inverted tax structure, defining Net ITC and Adjusted Total Turnover, mandates invoice based documentation for inward supplies, updates refund statement formats in refund forms, requires deposit of fifty percent of specified cess into the Fund, strengthens enforcement for failure to pass on rate reductions including restitution with interest, and amends practitioner eligibility and form declarations and other procedural and valuation provisions.
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