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of <h1>Karnataka GST Act 2017: Transitional Tax Provisions for Refunds, Input Tax Credits, and Post-Transition Liabilities Explained</h1> The Karnataka Goods and Services Tax Act, 2017, outlines transitional provisions for tax adjustments during the shift from the existing law to the new GST framework. It addresses refunds for goods returned within six months of the appointed day, adjustments for price revisions in pre-existing contracts, and the handling of input tax credit claims. Refunds and recoveries are processed under the existing law, with specific conditions for admissibility under the new Act. The Act also covers tax liabilities for goods and services supplied post-transition, credit entitlements for goods on approval, and conditions for agents to claim tax credits on goods held at the transition.
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