Consumer Welfare Fund expanded to define credits, governance, committee powers and grant and investment procedures. The Rules amend refund procedure for inverted duty structure by substituting rule 89(5) with a formula capping refund at a proportion of Net ITC relative to Adjusted Total Turnover less tax payable, and substitute rule 97 to establish a Consumer Welfare Fund with specified credits, audit oversight, a Standing Committee empowered to regulate applicant registration, inspections, audits, grant recommendations, investments, recovery and guidelines, and to permit specified grants and reimbursements subject to prescribed conditions.
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Consumer Welfare Fund expanded to define credits, governance, committee powers and grant and investment procedures.
The Rules amend refund procedure for inverted duty structure by substituting rule 89(5) with a formula capping refund at a proportion of Net ITC relative to Adjusted Total Turnover less tax payable, and substitute rule 97 to establish a Consumer Welfare Fund with specified credits, audit oversight, a Standing Committee empowered to regulate applicant registration, inspections, audits, grant recommendations, investments, recovery and guidelines, and to permit specified grants and reimbursements subject to prescribed conditions.
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