Refund of input tax credit: revised formula for inverted duty structure, updated forms, and Consumer Welfare Fund governance. Amendments effective retrospectively provide a new refunds computation for inverted duty structures-Maximum Refund Amount = Turnover of inverted rated supplies x Net ITC / Adjusted Total Turnover less tax payable-define Net ITC and Adjusted Total Turnover, replace the Consumer Welfare Fund rule with detailed crediting, committee constitution, powers and eligible applicants, and update FORM GST ITC-03, insert FORM GSTR-10 Final Return, and substitute FORM GST DRC-07 for standardized order summaries.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Refund of input tax credit: revised formula for inverted duty structure, updated forms, and Consumer Welfare Fund governance.
Amendments effective retrospectively provide a new refunds computation for inverted duty structures-Maximum Refund Amount = Turnover of inverted rated supplies x Net ITC / Adjusted Total Turnover less tax payable-define Net ITC and Adjusted Total Turnover, replace the Consumer Welfare Fund rule with detailed crediting, committee constitution, powers and eligible applicants, and update FORM GST ITC-03, insert FORM GSTR-10 Final Return, and substitute FORM GST DRC-07 for standardized order summaries.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
