Amendment in CGST Rules -April 2018

Rule 89(5): Refund of input tax credit on account of inverted duty structure shall also be allowed in case of supply of services. Further “Net ITC” for calculation of refund amount as this sub-rule has been separately explained as input tax credit availed on inputs during the relevant period excluding input tax credit availed for which refund is claimed under sub-rules (4A) or (4B) or both. Rule 97: The Rule 97 has been amended.  All amounts of duty/central tax/ integrated tax /Union territory tax/cess and income from investment along with other monies shall be credited to consumer welfare fund. The this fund also includes the amounts credited to consumer welfare fund created under Central Excise Act,1944. The accounts of the Fund shall be audited by the Controller & Auditor General of India. Government will constitute a Standing Committee with a Chairman, a vice-chairman and a member secretary and other members. The modus operandi for committee meeting has been specified. The powers of the committee has also been specified in detail. Member secretary has to inquire in material detail and recommend for consideration by the committee. The committee needs to provide recommendation for making available grant to applicant, investment of the money available in the fund, making available grants for reimbursing legal expenses incurred by complainant in consumer dispute. Making available grants for the purposes as per recommendation of the Central Consumer Protection Council. Amendment in format of FORM GST ITC-03 (Declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of section 18): entry 5 (e) of the return regarding capital goods in stock, value of capital goods shall be invoice value reduced by 1/60th per month or part thereof from the date of invoice. FORM GSTR-10 has been specified & FORM GST DRC-07 has been substituted  ]]>

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