https://www.taxtmi.com/notifications?id=125883 The rules amend refund mechanics for an inverted duty structure by prescribing a capped refund formula based on turnover of inverted-rated supplies, Net ITC (inputs' ITC in the relevant period excluding amounts claimed under other refund provisions) and Adjusted Total Turnover, less tax payable on such supplies. They establish a Consumer Welfare Fund with specified sources, audit requirement and a Standing Committee empowered to register, inspect, audit applicants, recommend grants and investments, recover misused funds, and set utilisation and publicity limits. They also revise FORM ITC-03 capital goods valuation, insert FORM GSTR-10 for final returns on cancellation, and substitute FORM DRC-07 summary order format. en-us Mon, 02 Jul 2018 00:00:00 +0530 Sat, 14 Jul 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=125883 The rules amend refund mechanics for an inverted duty structure by prescribing a capped refund formula based on turnover of inverted-rated supplies, Net ITC (inputs' ITC in the relevant period excluding amounts claimed under other refund provisions) and Adjusted Total Turnover, less tax payable on such supplies. They establish a Consumer Welfare Fund with specified sources, audit requirement and a Standing Committee empowered to register, inspect, audit applicants, recommend grants and investments, recover misused funds, and set utilisation and publicity limits. They also revise FORM ITC-03 capital goods valuation, insert FORM GSTR-10 for final returns on cancellation, and substitute FORM DRC-07 summary order format. Notifications GST - States Mon, 02 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/notifications?id=125883