Input tax credit transition: refunds follow prior law; rejected or recovered amounts are not admissible as credit under the new Act. Transitional provisions require disposal of refund and appeal proceedings under the existing law with refundable amounts paid in cash under that law, while amounts rejected or recovered as a result of such proceedings are not admissible as input tax credit under this Act and may be recovered as arrears under this Act; price revisions under pre appointed contracts trigger supplementary invoices or debit/credit notes with recipient adjustment to reduce input tax credit and special rules address returned goods, pre paid VAT/service tax credit for post appointed supplies, approval sales, TDS on pre appointed invoices, and agent/principal stock credit subject to conditions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit transition: refunds follow prior law; rejected or recovered amounts are not admissible as credit under the new Act.
Transitional provisions require disposal of refund and appeal proceedings under the existing law with refundable amounts paid in cash under that law, while amounts rejected or recovered as a result of such proceedings are not admissible as input tax credit under this Act and may be recovered as arrears under this Act; price revisions under pre appointed contracts trigger supplementary invoices or debit/credit notes with recipient adjustment to reduce input tax credit and special rules address returned goods, pre paid VAT/service tax credit for post appointed supplies, approval sales, TDS on pre appointed invoices, and agent/principal stock credit subject to conditions.
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