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 Government; and

(ii) if already deposited, shall not be refunded,

and any input tax credit availed in respect of such amount shall be reversed.