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TMI BlogThe Punjab Goods and Services Tax (Sixth Amendment) Rules, 2018.X X X X Extracts X X X X X X X X Extracts X X X X ..... Punjab Goods and Services Tax (Sixth Amendment) Rules, 2018. (2) They shall be deemed to have come into force on and with effect from the 18th April, 2018. 2. In the Punjab Goods and Services Tax Rules, 2017 (hereinafter referred to as the said 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" sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited to the Fund for welfare of the consumers. (5) (a) The Committee shall meet as and when necessary, generally four times in a year; (b) the Committee shall meet at 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) 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 presi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, unless it has been inquired into, in material details and recommended for consideration accordingly, by the Member Secretary. (8) T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re of a State or Union Territory in India or other educational institutions established by an Act of Parliament or declared to be deemed as a University under section 3 of the University Grants Commission Act, 1956 (3 of 1956) and which has consumers studies as part of its curriculum for a minimum period of three years; and (vi) a complainant as defined under clause (b) of sub-section (1) of section 2 of the Consumer Protection Act, 1986 (68 of 1986), who applies for reimbursement 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 Coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on order 8. Details of inputs 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.) 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 fini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 machiner 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 ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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