Webb2 mars 2024 · Sub-rule (4) to Rule 89 starts with the phrase “In the case of zero-rated supply of goods or services or both without payment of tax under bond or letter of … WebbHC opined that the impugned amendment to Rule 89(4)(c) of CGST Rules is arbitrary and ultra vires Section 16 of IGST Act and Section 54 of CGST Act. The very intention of zero-rating is to make the entire “export” supply chain tax-free.
47th GST Council Meeting: Amendment in formula to calculate …
Webb1, the Karnataka High Court held rule 89(4)(C) of the Central Goods and Services Tax Rules, 2024 (CGST Rules) as arbitrary and unreasonable as it restricts export turnover (i.e. … Webb12 apr. 2024 · The second proviso to Rule 89(1) of the CGST Rules, 2024 specifies the process for filing a refund application in the case of supplies made to a Special Economic Zone (SEZ) unit or developer. According to the proviso, the application for refund shall be filed by the supplier of goods only after the goods have been fully admitted into the SEZ … birds spring cleaning
GST Rates in 2024 – Key Changes in Goods and Services Tax
Webb12 mars 2024 · The manner of calculation of Adjusted Total Turnover under sub-rule (4) of Rule 89 of CGST Rules, 2024. 4.1 Doubts have been raised as to whether the restriction on turnover of zero-rated supply of goods to 1.5 times the value of like goods domestically supplied by the same or, similarly placed, supplier, as declared by the supplier, imposed … WebbOne of the amendments was in relation to Rule 89 (4) which provides mechanism for calculation of refund amount of input tax credit in relation to zero-rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with provisions of sub-section (3) of section 16 of the IGST Act, 2024. WebbThe formula prescribed under Rule 89 (4) is reproduced below, as under: “Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷Adjusted Total Turnover” 4.3 Adjusted Total Turnover has been defined in clause (E) of sub-rule (4) of Rule 89 as under: danby under counter wine cooler