https://www.taxtmi.com/notifications?id=126209 The notification amends Uttar Pradesh GST Rules to prescribe a specific formula for refunds arising from inverted duty structures, defining Net ITC and Adjusted Total Turnover, and requires that refund equals the computed maximum refund amount less tax payable on inverted-rated supplies. It deems certain valuation additions as paid for credit adjustment, extends a time limit from one year to eighteen months, mandates deposit of fifty per cent of specified cess amounts into the Fund, and empowers the Authority to direct price reductions, return of amounts with interest, fund deposits, penalties and registration cancellation where benefits are not passed on. Various forms and declarations are also revised. en-us Mon, 16 Jul 2018 00:00:00 +0530 Wed, 08 Aug 2018 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=126209 The notification amends Uttar Pradesh GST Rules to prescribe a specific formula for refunds arising from inverted duty structures, defining Net ITC and Adjusted Total Turnover, and requires that refund equals the computed maximum refund amount less tax payable on inverted-rated supplies. It deems certain valuation additions as paid for credit adjustment, extends a time limit from one year to eighteen months, mandates deposit of fifty per cent of specified cess amounts into the Fund, and empowers the Authority to direct price reductions, return of amounts with interest, fund deposits, penalties and registration cancellation where benefits are not passed on. Various forms and declarations are also revised. Notifications GST - States Mon, 16 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/notifications?id=126209