https://www.taxtmi.com/notifications?id=125729 Substitution to rule 89(5) prescribes a formula for refunds in cases of inverted duty structure: Maximum Refund Amount = (Turnover of inverted-rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies, with "Net ITC" and "Adjusted Total Turnover" defined by reference to existing refund provisions; concurrently, rule 97 establishes a Consumer Welfare Fund with specified crediting, audit, Committee governance, powers over registration, inspections, audit, recovery, grant recommendations and eligible applicant categories. en-us Wed, 18 Apr 2018 00:00:00 +0530 Mon, 02 Jul 2018 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=125729 Substitution to rule 89(5) prescribes a formula for refunds in cases of inverted duty structure: Maximum Refund Amount = (Turnover of inverted-rated supplies x Net ITC / Adjusted Total Turnover) - tax payable on such supplies, with "Net ITC" and "Adjusted Total Turnover" defined by reference to existing refund provisions; concurrently, rule 97 establishes a Consumer Welfare Fund with specified crediting, audit, Committee governance, powers over registration, inspections, audit, recovery, grant recommendations and eligible applicant categories. Notifications GST - States Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/notifications?id=125729