The Central Board of Indirect Taxes and Customs (CBIC) has notified the Central Goods and Services Tax Rules (Fourth Amendment) by amending the rules 89(5), 97 relating to refund under the Goods and Services Tax ( GST )regime. The amendment also inserted one new form, namely FORM GSTR-10 and substituting FORM GST DRC-07.
Rule 87, of the Central Goods and Services Tax Rules, 2017 deals with Application for refund of tax, interest, penalty, fees or any other amount and sub-rule 5 of the section deal with refund on account of inverted duty structure and the formulae to find the Maximum Refund Amount to be granted. With the new amendment, maximum refund amount is applicable to services also. Words ‘and services’ are added next to the word ‘goods’ in the formulae.
Rule 97, deal with Consumer Welfare Fund. By virtue of the new amendment the rule clearly provides for the sources of the fund and the utilization of the fund to meet the legitimate claims sought via orders of proper officer, appellate authority or Appellate Tribunal or court. The amendment has also made it possible for the Fund to be audited by the Comptroller and Auditor General of India. The Government is expected to constitute a Standing Committee with a Chairman Vice-Chairman, a Member Secretary and such other members as it may deem fit and the Committee shall make recommendations for proper utilization of the money credited to the Fund for welfare of the consumers. The Committee shall meet as and when necessary, generally four times in a year, the rules said.
After FORM GSTR- 8, a new form called FORM GSTR-10 Final Return is inserted by the new amendment. Also, FORM GST DRC-07 has been substituted.
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