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TMI BlogMiscellaneous transitional provisions Section 142X X X X Extracts X X X X X X X X Extracts X X X X ..... by a registered person , the return of such goods shall be deemed to be a supply. Revision of price - supplementary invoice or debit/credit note raised in GST [ section 142(2) ] Upward Revision Where any person entered into contract prior to the appointed day, the registered person who had removed or provided such goods or services or both the price of any goods or services or both is revised upward on or after the appointed day , supplier shall issue to the recipient a supplementary invoice or debit note , within thirty days of such price revision and for the purposes of this Act such credit note shall be deemed to have been issued in respect of an outward supply made under this Act: The registered person shall be allowed to reduce his tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e issued which shall be deemed to have been issued in respect of an outward supply made under the CGST Act. 2. It is accordingly clarified that in case of revision of prices, after the appointed date, of any goods or services supplied before the appointed day thereby requiring issuance of any supplementary invoice, debit note or credit note, the rate as per the provisions of the GST Acts (both CGST and SGST or IGST) would be applicable. File claim of refund file before GST Regime [ section 142(3) ] Filling of Refund Every claim for refund filed by any person before appointed day , for refund of any amount of CENVAT credit, duty, tax, interest or any other amount paid under the existing law , Such refund shall be disposed of in accordance wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance with the provisions of existing law and any amount eventually accruing to him shall be paid in cash, notwithstanding anything to the contrary contained under the provisions of existing law other than the provisions of sub-section (2) of section 11B of the Central Excise Act, 1944. Proceeding of Appeals[ Section 142(6) ] In case of appeal file and credit found to be admissible every proceeding of appeal, review or reference relating to a claim for CENVAT credit initiated whether before, on or after the appointed day under the existing law shall be disposed as per provisions of existing law , and if any amount of credit found to be admissible to the claimant shall be refunded to him in cash, notwithstanding anything to the contrary conta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecomes recoverable as a result of such appeal, be recovered as an arrear of duty or tax under this Act such recovered amount shall not be admissible as input tax credit under this Act Tax liability towards old transactions[ Section 142(8) ] In pursuance of an assessment or adjudication proceedings instituted if any amount of tax, interest, fine or penalty becomes recoverable from the person, If assessment or adjudication proceedings is not in favor of the tax payer the same shall, unless recovered under the existing law, will be processed as arrears under GST the amount so recovered shall not be admissible as input tax credit under this Act; If assessment or adjudication proceedings is in favor of the tax payer then such refundable amount s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said services under services Tax 1994 where tax was paid on any supply both under the Value Added Tax Act and under Services Tax act, 1994, tax shall be leviable under this Act and the taxable person shall be entitled to take credit of value added tax or service tax paid under the existing law to the extent of supplies made after the appointed day and such credit shall be calculated in such manner as may be prescribed. Goods sent on sale or approval basis[ Section 142(12 ) ] Goods sent on sale or approval basis not earlier than six months before the appointed day and Such goods rejected or not approved by the buyer If such goods returned back within 6 months after the appointment day then no taxes are payable under this act. If such goods r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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