Section 142 - Miscellaneous transitional provisions.

Transitional input tax credit rules preserve prior-law refunds, recovery as arrears, and credit carryforward subject to prescribed conditions.

Section 142 establishes transitional rules: returned goods taxed under prior law may yield cash refunds if returned by unregistered persons within the transition period, while returns by registered persons are treated as supplies. Price revisions under pre-existing contracts require supplementary invoices, debit or credit notes treated as outward supplies; credit note tax reductions are effective only if recipients reduce corresponding input tax credit. Proceedings, refunds and assessments initiated under the existing law are to be disposed under that law; amounts recoverable but not recovered become arrears under this Act and are not admissible as input tax credit.