TaxTMI 
TaxTMI 
Punjab Goods and Services Tax (Ninth Amendment) Rules, 2018.
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....64 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act No.5 of 2017), and all other powers enabling him in this behalf, the Governor of Punjab, on the recommendations of the Council, is pleased to make the following rules further to amend the Punjab Goods and Services Tax Rules, 2017, namely:- RULES 1. (1) These rules may be called the Punjab Goods and Services Tax (Ninth Amendment) Rules....
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...., 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 ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and servic....
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....fifty per cent of the amount of cess determined under sub-section (5) of section 54 read with section 11 of the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017), shall be deposited in the Fund."; 7. In the said rules, in rule 133, for sub-rule (3), the following shall be substituted, namely:- "(3) Where the Authority determines that a registered person has not passed on th....
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....cent of the amount in the Fund constituted under section 57 of the Punjab Goods and Services Tax Act, 2017 in case Punjab is the concerned State, where the eligible person does not claim return of the amount or is not identifiable; (d) imposition of penalty as specified under the Act; and (e) cancellation of registration under the Act. Explanation: For the purpose of this sub-rule, the expre....