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of <h1>Union Territory GST Act 2017: Transitional Provisions for Tax Adjustments, Refunds, and Credits During GST Shift</h1> The Union Territory Goods and Services Tax Act, 2017, outlines transitional provisions for tax adjustments during the shift to the new GST regime. It addresses tax refunds for goods returned post-transition, price revisions in pre-transition contracts, and claims for refunds or credits under the old law. The Act mandates that proceedings related to input or output tax liabilities, and assessments under the old law, continue as per existing regulations. It specifies conditions for tax recovery or refunds and allows for tax credits on supplies made after the transition. Additionally, it details tax implications for goods sent on approval and contracts predating the new law.
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