Sikkim Goods and Services Tax (Fifth Amendment) Rules, 2018 - 26/2018 – State Tax - Sikkim SGST

Refund of Input Tax Credit revised: new formula and procedural amendments under Sikkim GST rules ensure adjusted turnover computation.

The amendment prescribes that amounts added under section 15(2)(b) are deemed paid for section 16(2) purposes, extends a temporal reference to eighteen months, and mandates inward supplies be received against a tax invoice. It prescribes a formula for refund on account of inverted duty structure-linking turnover of inverted rated supplies, Net ITC and Adjusted Total Turnover-and defines Net ITC and Adjusted Total Turnover. Forms and statements are revised for refund and practitioner records, and enforcement powers include orders for price reduction, refund with eighteen percent interest, fifty percent deposit into the Fund, penalties, and cancellation of registration.