TaxTMI 
TaxTMI 
Amendment in Jammu and Kashmir Goods and Services Tax Rules, 2017
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....r that the value of supplies on account of any amount added in accordance with the provisions of clause (b) of sub-section (2) of section 15 shall be deemed to have been paid for the purposes of the second proviso to sub-section (2) of section 16."; (ii) in rule 83, in sub-rule (3), in the second proviso, for the words "one year", the words "eighteen months" shall be substituted ; (iii) with effect from 08th of July, 2017, in rule 89, for sub-rule (5), the following shall be substituted, namely :-- "(5) In the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula :-- Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC &d....
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....urn to the recipient, an amount equivalent to the amount not passed on by way of commensurate reduction in prices along with interest at the rate of eighteen per cent from the date of collection of the higher amount till the date of the return of such amount or recovery of the amount including interest not returned, as the case may be ; (c) the deposit of an amount equivalent to fifty per cent of the amount determined under the above clause in the Fund constituted under section 57 and the remaining fifty per cent of the amount in the Fund constituted under section 57 of the Jammu and Kashmir Goods and Services Tax Act, 2017, where the eligible person does not claim return of the amount or is not identifiable ; (d) imposition of penalty ....
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.... section 54(3)] Sl. No. Details of invoices of inward supplies received Tax paid on inward supplies Details of invoices of outward supplies issued Tax paid on outward supplies GSTIN of the supplier No. Date Taxable Value Integrated Tax Central Tax State Tax /Union territory Tax No. Date Taxable Value Integrated Tax Central Tax State Tax /Union territory Tax 1 2 3 4 5 6 7 8 9 10 11 12 13 14 (b) for Statement 5B, the following Statement shall be substituted, namely:- "Statement 5B [see rule 89(2)(g)] Refund Type: On account of deemed exports (Amount in Rs) SI. No. Details of invoices of outward supplies in case refund is claimed by supplier/ Detail....