TMI BlogMiscellaneous transitional provisions Section 142X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the proper officer: such goods are returned 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 h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It may be noted that as per the provisions of section 142(2) of the CGST Act, in case of revision of prices of any goods or services or both on or after the appointed day (i.e., 01.07.2017), a supplementary invoice or debit/credit note may be 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y rejected, the amount so rejected shall lapse: No refund shall be allowed of any amount of CENVAT credit where the balance of the said amount as on the appointed day has been carried forward under this Act. Every claim of refund after appointed day[ Section 142(5) ] Every claim of refund filed by a person after the appointed day for refund of tax paid under the existing law in respect of services not provided shall be disposed of in accordance 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 Centra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t be admissible as input tax credit under this Act. Appeals towards output tax liability payable [ Section 143(7) ] Every proceeding of appeal, review or reference relating to a output tax liability whether before, on or after the appointed day will processed as per the Existing laws If appeal is in favor of the tax payer and any amount found to be admissible to the claimant shall be refunded to him in cash the amount rejected, if any, shall not be admissible as input tax credit under this Act. If appeal is not in favor of the tax payer and if any amount becomes recoverable as a result of such appeal, be recovered as an arrear of duty or tax under this Act such recovered amount sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person, the same shall be refunded to him in cash under the existing law the amount rejected, if any, shall not be admissible as input tax credit under this Act. Old contracts[ Section 142(10) ] The goods or services or both supplied on or after the appointed day in pursuance of a contract entered into prior to the appointed day Such Supplies liable to GST. Supply of goods or services under VAT Act Services Act 1994[ Section 142(11) ] Notwithstanding anything contained in section 12, no tax shall be payable on goods under this Act to the extent the tax was leviable on the said goods under the Value Added Tax Act of the State; Notwithstanding anythin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
