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TMI BlogSeeks to further amend the SGST Rules,2017(Fourth Amendment,2018)X X X X Extracts X X X X X X X X Extracts X X X X ..... provided in these rules, they shall be deemed to have come into force with effect from 18thApril, 2018. 2. Amendment in rule 89 In the principal rules, 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 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t; (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; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd' means the Consumer Welfare Fund established by the State Government under section 57 of the Assam Goods and Services Tax Act, 2017; Assam Act no. XXVIII 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 in FORM GST ITC-03 in FORM GST ITC-03, after entry 5 (e), for the instruction against"**" the following shall be substituted, namely: - 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) SI. No. Descripti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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