Punjab GST amends rules on refunds, valuation, compliance, penalties and fund deposits including inverted duty refunds. The Ninth Amendment revises valuation and refund mechanics, treating amounts added under clause (b) of section 15(2) as deemed paid for section 16(2) purposes, extends a time reference from one year to eighteen months, prescribes a formula for inverted duty refunds defining Net ITC and Adjusted Total Turnover, requires inward supplies to be received from a registered person against a tax invoice, mandates deposit of fifty per cent of specified cess into the Fund, empowers the Authority to order price reductions, repayment with interest, fund deposits, penalties and registration cancellation, and updates multiple forms and statements.
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Punjab GST amends rules on refunds, valuation, compliance, penalties and fund deposits including inverted duty refunds.
The Ninth Amendment revises valuation and refund mechanics, treating amounts added under clause (b) of section 15(2) as deemed paid for section 16(2) purposes, extends a time reference from one year to eighteen months, prescribes a formula for inverted duty refunds defining Net ITC and Adjusted Total Turnover, requires inward supplies to be received from a registered person against a tax invoice, mandates deposit of fifty per cent of specified cess into the Fund, empowers the Authority to order price reductions, repayment with interest, fund deposits, penalties and registration cancellation, and updates multiple forms and statements.
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