https://www.taxtmi.com/circulars?id=61025 The amendment prescribes a formula for refund on account of inverted duty structure computing maximum refund as a function of turnover of inverted-rated supplies, Net ITC and Adjusted Total Turnover, defines Net ITC as input tax credit availed in the relevant period excluding certain claims, and retains the existing meaning of Adjusted Total Turnover; it also establishes a detailed Consumer Welfare Fund regime with a Standing Committee to administer credits, grants, investments, audits, and compliance measures. en-us Fri, 05 Oct 2018 00:00:00 +0530 Fri, 17 May 2019 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=61025 The amendment prescribes a formula for refund on account of inverted duty structure computing maximum refund as a function of turnover of inverted-rated supplies, Net ITC and Adjusted Total Turnover, defines Net ITC as input tax credit availed in the relevant period excluding certain claims, and retains the existing meaning of Adjusted Total Turnover; it also establishes a detailed Consumer Welfare Fund regime with a Standing Committee to administer credits, grants, investments, audits, and compliance measures. Circulars GST - States Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=61025