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TMI BlogAmendments in Madhya Pradesh Goods and Services Tax Rules, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... be substituted, for sub-rule (5), 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 goods 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rman, or in his absence, the ViceChairman 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) the meeting of the Committee shall be called, after giving at least ten days' notice in writing to every member; (e) the notice 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 registered with any authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assistance provided shall not be mis-utilized; (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 sel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 of the University Grants Commission Act, 1956 (Central Act No. 3 of 1956) and which has consumers studies as part of its curriculum for a minimum period or three years; and (vi) a complainant as defined under clause (b) of sub-section ( l) of section 2 of the Consumer Protection Act, 1986 (Central Act No. 68 of 1986), who applies for reimbursement of legal expenses incurred by him in a case instituted by him in a consumer despute 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 (l) of section 4 of the Consumer Protection Act, 1986 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ils ofinputs held in stock, inputs contained in semi-finished or finished goods held in stock, and capital goods/plant and machinery on which input tax credit is required to be reversed and paid back to Government Sr. No. GSTIN Invoice/Bill of Entry Description of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and capital goods /plant and machinery Unit Quantity Code (UQC) Qty Value (As adjusted by debit / credit 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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-r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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