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TMI BlogGujarat Goods and Services Tax (Fourth Amendment) Rules, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the 18th day of April, 2018. 2. In the Gujarat Goods and Services Tax Rules, 2017, - (i) 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 goodsand 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t such time and place as the Chairman, or in his absence, the Vice-Chairman of the Committee may deem fit; (c) the meeting of the Committee shall be presided over by the Chairman, or in his absence, by the Vice-Chairman; (d) themeeting of the Committee shall be called, after giving at least ten days' noticein writing to every member; (e) thenotice of the meeting of the Committee shall specify the place, date and hour of the meeting and shall contain statement of business to be transacted thereat; (f) no proceeding of the Committee shall be valid, unless it is presided over by the Chairman or Vice-Chairman and attended by a minimum of three other members. (6) The Committee shall have powers - (a) to require any applicant to get registe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 making available grants to any applicant; (b) for investment of the money available in the Fund; (c) for making available grants (on s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imbursement of legal expenses incurred by him in a case instituted by him in a consumer dispute redressal agency. (b) 'application' means an application in the form as specified by the Standing Committee from time to time; (c) 'Central Consumer Protection Council' means the Central Consumer Protection Council, established under sub-section (1) of section 4 of the Consumer Protection Act, 1986 (68 of 1986), for promotion and protection 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit note) Input tax credit/Tax payable (whichever is higher) (Rs.) No. Date Central tax State/Union territory tax Integrated tax Cess 1 2 3 4 5 6 7 8 9 10 11 12 8 (a) Inputs held in stock (where invoice is available) 8 (b) Inputs contained in semi-finished or finished goods held in stock (where invoice is available) 8 (c) Capital goods/plant and machinery held in stock 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 thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 uploa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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