https://www.taxtmi.com/notifications?id=125411 The amendment substitutes rule 89(5) to prescribe a capped refund formula for inverted duty structure - Maximum Refund Amount = (Turnover of inverted-rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies - defining Net ITC and retaining the meaning of Adjusted Total Turnover; it mandates capital goods valuation as invoice value reduced by 1/60th per month for ITC reversal, inserts FORM GSTR-10 for final return reporting stock and tax reversal on cancellation, and substitutes rule 97 to establish a Consumer Welfare Fund with audit, Standing Committee governance, powers, applicant eligibility and grant/investment procedures. en-us Wed, 25 Apr 2018 00:00:00 +0530 Tue, 22 May 2018 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=125411 The amendment substitutes rule 89(5) to prescribe a capped refund formula for inverted duty structure - Maximum Refund Amount = (Turnover of inverted-rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies - defining Net ITC and retaining the meaning of Adjusted Total Turnover; it mandates capital goods valuation as invoice value reduced by 1/60th per month for ITC reversal, inserts FORM GSTR-10 for final return reporting stock and tax reversal on cancellation, and substitutes rule 97 to establish a Consumer Welfare Fund with audit, Standing Committee governance, powers, applicant eligibility and grant/investment procedures. Notifications GST - States Wed, 25 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/notifications?id=125411