Notification No. 21/2018 – Central Tax

G.S.R……(E).- In exercise of the powers conferred by section 164 of the Central Goods and

Services Tax Act, 2017 (12 of 2017), the Central Government hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:-

(1) These rules may be called the Central Goods and Services Tax (Fourth Amendment) Rules, 2018.

(2) Save as otherwise provided, they shall come into force on the date of their publication in the Official Gazette.

  1. In the Central Goods and Services Tax Rules, 2017, –

(i) 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

(b) 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

(4).”;

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