https://www.taxtmi.com/notifications?id=125640 Rule 89 (effective 1 July 2017) prescribes the maximum refundable amount for input tax credit accumulated due to an inverted duty structure by the formula: Maximum Refund Amount = (Turnover of inverted rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies, and defines Net ITC and Adjusted Total Turnover. Rule 133 empowers the Authority to order price reductions, refund with interest at eighteen percent, deposit fifty percent of determined amounts into the Fund, impose penalties, and cancel registration where benefits of rate reductions or input tax credit are not passed on. en-us Wed, 13 Jun 2018 00:00:00 +0530 Fri, 13 Jul 2018 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=125640 Rule 89 (effective 1 July 2017) prescribes the maximum refundable amount for input tax credit accumulated due to an inverted duty structure by the formula: Maximum Refund Amount = (Turnover of inverted rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies, and defines Net ITC and Adjusted Total Turnover. Rule 133 empowers the Authority to order price reductions, refund with interest at eighteen percent, deposit fifty percent of determined amounts into the Fund, impose penalties, and cancel registration where benefits of rate reductions or input tax credit are not passed on. Notifications GST - States Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/notifications?id=125640