Section 142: Navigating GST Transition for Goods Returns, Refunds, and Contracts with Duty and Tax Implications
The transitional provisions under Section 142 of the GST Ready Reckoner address various scenarios during the shift to the GST regime. Goods returned within six months of the appointed day by unregistered persons are eligible for duty refunds, while returns by registered persons are deemed as supply. Price revisions require supplementary invoices or debit/credit notes, with applicable GST rates post-appointed day. Refund claims filed before or after the appointed day are processed under existing laws, with rejected CENVAT credits lapsing. Appeals concerning CENVAT credit or output tax liability follow existing laws, with recoverable amounts treated as arrears under GST. Contracts and supplies made before the appointed day are subject to GST, and goods sent on approval before the appointed day are tax-exempt if returned within six months. TDS recovery for pre-appointed day sales is not applicable under Section 51 after the appointed day.
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