Refund mechanism for inverted duty structure updated, replacing the refund formula and defining Net ITC and Adjusted Total Turnover. Amendments to JK GST Rules, 2017 revise valuation and refund mechanisms, including deeming certain added amounts as paid for value purposes under rule 37, extending a statutory period to eighteen months in rule 83, and substituting a formula in rule 89 for refunds of input tax credit on inverted duty structure-defining Net ITC and Adjusted Total Turnover. Additional amendments require inward supplies to be received against tax invoices, mandate deposit of fifty per cent of certain cess into the Fund, expand enforcement remedies for failure to pass on tax benefits, and update forms and annexures related to refund and practitioner registration.
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 mechanism for inverted duty structure updated, replacing the refund formula and defining Net ITC and Adjusted Total Turnover.
Amendments to JK GST Rules, 2017 revise valuation and refund mechanisms, including deeming certain added amounts as paid for value purposes under rule 37, extending a statutory period to eighteen months in rule 83, and substituting a formula in rule 89 for refunds of input tax credit on inverted duty structure-defining Net ITC and Adjusted Total Turnover. Additional amendments require inward supplies to be received against tax invoices, mandate deposit of fifty per cent of certain cess into the Fund, expand enforcement remedies for failure to pass on tax benefits, and update forms and annexures related to refund and practitioner registration.
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 
