https://www.taxtmi.com/notifications?id=125651 The amendment prescribes a formula for maximum refund of input tax credit on inverted rated supplies by allocating Net ITC proportionately to turnover of such supplies against Adjusted Total Turnover and deducting tax payable; it defines Net ITC and Adjusted Total Turnover. It establishes a Consumer Welfare Fund to receive specified tax receipts, requires audited accounts, mandates a Standing Committee with defined composition, powers and procedures to recommend grants, investments and reimbursements, and sets eligibility criteria for applicants. It also amends forms and instructions for capital goods valuation, final return (GSTR-10) and order summary (DRC-07). en-us Thu, 26 Apr 2018 00:00:00 +0530 Thu, 26 Jul 2018 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=125651 The amendment prescribes a formula for maximum refund of input tax credit on inverted rated supplies by allocating Net ITC proportionately to turnover of such supplies against Adjusted Total Turnover and deducting tax payable; it defines Net ITC and Adjusted Total Turnover. It establishes a Consumer Welfare Fund to receive specified tax receipts, requires audited accounts, mandates a Standing Committee with defined composition, powers and procedures to recommend grants, investments and reimbursements, and sets eligibility criteria for applicants. It also amends forms and instructions for capital goods valuation, final return (GSTR-10) and order summary (DRC-07). Notifications GST - States Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/notifications?id=125651