VAT-Era Security Deposits Must Be Refunded After GST Regime: Tripura HC

North East Carrying Corporation Ltd. Vs State of Tripura (Tripura High Court) The petitioner, a company registered under the Companies Act, 1956 and operating as a taxable transport agent under the Tripura Value Added Tax Act, 2004 (TVAT Act), deposited ₹12,00,000 as security in July 2013 as required under Section 22(4) of the Act. With the introduction of the Tripura State Goods and Services Tax Act, 2017 (TSGST Act), effective 1 July 2017, the TVAT Act was repealed except for five petroleum products and alcohol for human consumption. Believing that the TVAT Act had ceased to apply and that...