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TMI BlogThe Odisha Goods and Services Tax (Fourth Amendment) Rules, 2018.X X X X Extracts X X X X X X X X Extracts X X X X ..... and services) x Net ITC Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. Explanation:-For the purposes of this sub-rule, the expressions (a) Net ITC shall mean input tax credit availed on inputs during the relevant period other than the input tax credit availed for which refund is claimed under sub-rules (4A) or (4B) or both; and (b) Adjusted Total turnover shall have the same meaning as assigned to it in sub-rule (4). ; 3. In the said rules, for rule 97, the following rule shall be substituted, namely:- 97. Consumer Welfare Fund.- (1) All amounts of State tax and income from investment along with other monies specified in Section 57 of the Odisha Goods and Services Tax Act, 2017 (Odisha Act 7 of 2017) shall be credited to the Fund: Provided that an amount equivalent to fifty per cent. of the amount of integrated tax determined under sub-section (5) of Section 54 of the Central Goods and Services Tax Act, 2017(12 of 2017), read with Section 20 of the Integrated Goods and Services Tax Act, 2017(13 of 2017), shall be deposited in the Fund. (2) Where any amount, having been credited to the Fund, is ordered or d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Act; (f) to recover any sum due from any applicant in accordance with the provisions of the Act; (g) to require any applicant, or class of applicants to submit a periodical report, indicating proper utilisation of the grant; (h) to reject an application placed before it on account of factual inconsistency, or inaccuracy in material particulars; (i) to recommend minimum financial assistance, by way of grant to an applicant, having regard to his financial status, and importance and utility of the nature of activity under pursuit, after ensuring that the financial assistance provided shall not be misutilised; (j) to identify beneficial and safe sectors, where investments out of Fund may be made, and make recommendations, accordingly; (k) to relax the conditions required for the period of engagement in consumer welfare activities of an applicant; (l) to make guidelines for the management, and administration of the Fund. (7) The Committee shall not consider an application, unless it has been inquired into, in material details and recommended for consideration accordingly, by the Member Secretary. (8) The Committee shall make recommendations:- (a) for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tection of rights of consumers; (d) 'Committee' means the Committee constituted under sub-rule (4); (e) 'consumer' has the same meaning as assigned to it in clause (d) of sub-section (1) of Section 2 of the Consumer Protection Act, 1986 (68 of 1986), and includes consumer of goods on which State tax has been paid; (f) Fund means the Consumer Welfare Fund established by the State Government Section 57 of the Odisha Goods and Services Tax Act, 2017 (Odisha Act 7 of 2017); (g) 'proper officer' means the officer having the power under the Act to make an order that the whole or any part of the State tax is refundable. 4. In the said rules, in FORM GST ITC-03, after entry 5 (e), for the instruction against ** , the following instruction shall be substituted, namely:- ** The value of capital goods shall be the invoice value reduced by 1/60th per month or part thereof from the date of invoice 5. In the said rules, after FORM GSTR-8 , the following FORM shall be inserted, namely:- FORM GSTR-10 (See rule 81) Final Return 1. GSTIN 2. Legal Name ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 (d) Inputs held in stock or inputs as contained in semi-finished /finished goods held in stock (where invoice is not available) 9. Amount of tax payable and paid (based on Table 8) Sl.No. Description ITC reversible/Tax payable Tax paid along with application for cancellation of registration (GST REG-16) Balance tax payable (3-4) Amount paid through debit to electronic cash ledger Amount paid through debit to electronic credit ledger Central Tax State/ Union territory Tax Integrated Tax Cess 1 2 3 4 5 6 7 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contained in semi-finished or finished goods and stock of capital goods/plant and machinery on which input tax credit has been availed. 3. Following points need to be taken care of while providing details of stock at Sl. No.8: (i) where the tax invoices related to the inputs held in stock or inputs contained in semi-finished or finished goods held in stock are not available, the registered person shall estimate the amount under sub-rule (3) of rule 44 based on prevailing market price of the goods; (ii) in case of capital goods/ plant and machinery, the value should be the invoice value reduced by 1/60th per month or part thereof from the date of invoice/purchase taking useful life as five years. 4. The details furnished in accordance with sub-rule (3) of rule 44 in the Table at Sl. No. 8 (against entry 8 (d)) shall be duly certified by a practicing chartered accountant or cost accountant. Copy of the certificate shall be uploaded while filing the details. 6. In the said rules, for FORM GST DRC-07 , the following form shall be substituted, namely:- FORM GST DRC-07 [See rule 142(5)] Summary of the order 1. Details of order (a) Order No. (b) Or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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