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Central Goods and Services Tax (Fifth Amendment) Rules, 2018 - 26/2018 - Central GST (CGST)

Extract

..... oviso, the following proviso shall be inserted, namely:- “Provided further 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 01st 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 formul .....

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Central Goods and Services Tax (Fifth Amendment) Rules, 2018 - 26/2018 - Central GST (CGST)

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..... way of commensurate reduction in prices, the Authority may order- (a) reduction in prices; (b) return 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 Goods and Services Tax Act, 2017 of the concerned State, where the e .....

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Central Goods and Services Tax (Fifth Amendment) Rules, 2018 - 26/2018 - Central GST (CGST)

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..... ted by a competent court.”; (x) in FORM GST RFD-01, in Annexure-1, (a) for Statement 1A, the following Statement shall be substituted, namely:- “Statement 1A [see rule 89(2)(h)] Refund Type: ITC accumulated due to inverted tax structure [clause (ii) of first proviso to 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 Integra- ted Tax Central Tax State Tax /Union territory Tax No. Da te Taxable Value Integra ted 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 substitu .....

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Central Goods and Services Tax (Fifth Amendment) Rules, 2018 - 26/2018 - Central GST (CGST)

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