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of <h1>Section 142 of GST Act: Transitional Rules for Goods Return, Contract Price Revisions, and Tax Refunds Explained</h1> Section 142 of the Central Goods and Services Tax Act, 2017, outlines transitional provisions for handling goods and services during the switch to GST. It covers scenarios like the return of goods, price revisions in contracts, and refund claims under existing laws. Refunds and recoveries of taxes, duties, and CENVAT credits are addressed, specifying conditions under which they are admissible or lapse. It also details tax liabilities for goods and services supplied post-transition, and clarifies that no tax is payable on goods/services already taxed under previous laws. Additionally, it provides guidelines for goods sent on approval and tax deductions at source.
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