97A. No refund etc. in case of retrospective exemption

Notwithstanding anything contained in this Act, where amendment in a Schedule results in exemption from tax or, otherwise tax is exempted under this Act, with retrospective effect, the amount charged or collected by a dealer till the date of such amendment or exemption–

(i) shall be deposited with the State Governments; and

(ii) if already deposited, shall not be refunded, and any input tax credit availed in respect of such amount shall be reversed."