TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Transitional tax rules: refunds, returns, price adjustments, credit notes, and treatment of pending claims at law commencement</h1> Provides transitional rules for tax treatment at commencement of the new law. Returns of goods removed not earlier than six months before the appointed day may yield refunds of duty paid under prior law if returned within six months, except returns by registered persons which are treated as supplies. Price adjustments under pre-existing contracts permit issuance of supplementary/debit or credit notes within 30 days, with corresponding effects on tax liability and input tax credit. Pending or future refund claims, appeals, assessments, revisions and recoveries under prior law continue to be determined under that law, with amounts refundable in cash and amounts recovered treated as arrears under the new law and generally not admissible as input tax credit. Certain VAT/service tax paid may be credited for post-appointed-day supplies; approval and tax-deduction-at-source rules are also addressed.
TaxTMI 
TaxTMI 
