Section 142 - Miscellaneous transitional provisions.

Transitional input tax credit rules clarify refund, carryforward and inadmissibility for reversed or rejected credits.

Transitional provisions govern returns, refunds and credit adjustments around the appointed day. Goods returned within six months and identifiable may yield refunds under the existing law; registered-person returns are treated as supplies. Price revisions under pre-appointment contracts permit supplementary invoices/debit notes or credit notes within thirty days, with credit note tax reduction allowed only where the recipient reduces his input tax credit. Proceedings and refunds under the existing law remain subject to that law, rejected amounts lapse, reversed credits before the appointed day are inadmissible, and recoverable amounts become arrears under this Act.