TMI BlogKarnataka Goods and Services Tax (Sixth Amendment) Rules, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... C 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. Substitution of rule 97 - For rule 97, the following rule shall be substituted, namely:- 97. Consumer Welfare Fund. -(1) All amounts of specified in sub-section (5) of section 54 and income from investment along with other monies specified in section 57 of the Karnataka Goods and Services Tax Act, 2017 (Karnataka Act 27 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 (Central Act 12 of 2017), read with section 20 of the Integrated Goods and Services Tax Act, 2017(Central Act 13 of 2017), shall be deposited in the Fund. (2) Where any am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of material information on his part, to refund in lump-sum along with accrued interest, the sanctioned grant to the Committee, and to be subject to prosecution under 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, unle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 (Central Act 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 (Central Act 68 of 1986), and includes consumer of goods on which State tax has been paid; (f) 'Fund' means the Fund established by the State Government under section 57 of the Karnataka Goods and Services Tax Act, 2017 (Karnataka Act 27 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. Amendment of FORM GST ITC-03 - In FORM GST ITC-03 of the said rules, after entry 5 (e), under the instructions , for the symbols and words, ** the value of capital goods shall be the invoice value reduced by five percentage points per quarter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ___________________________________ Designation/Status ____________________________ Date - dd/mm/yyyy Instructions : 1. This form is not required to be filed by taxpayers or persons who are registered as :- (i) Input Service Distributors; (ii) Persons paying tax under section 10; (iii) Non-resident taxable person; (iv) Persons required to deduct tax at source under section 51; and (v) Persons required to collect tax at source under section 52. 2. Details of stock of inputs, inputs 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 tak ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
