On 27-9-2024, the Ministry of Finance appointed the dates on which certain provisions of the Finance (No. 2) Act, 2024 come into force.
The amendments in the following sections of the following Acts which were brought vide Finance (No. 2) Act, 2024 notified:
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In Central Goods and Services Tax Act, 2017 (‘CGST Act’):
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Section 9 relating to levy and collection- 1-11-2024
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Section 10 relating to composition levy- 1-11-2024
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Insertion of Section 11-A relating to power not to recover goods and services tax not levied or short- levied as a result of general practice- 1-11-2024
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Section 13 relating to time of supply of services- 1-11-2024
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Section 16 relating to eligibility and conditions for taking input tax credit- 27-9-2024
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Section 17 relating to apportionment of credit and blocked credits- 1-11-2024
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Section 21 relating to manner of credit distributed in excess- 1-11-2024
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Section 30 relating to revocation of cancellation of registration- 1-11-2024
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Section 31 relating to tax invoice- 1-11-2024
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Section 35 relating to accounts and other records- 1-11-2024
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Section 39 relating to furnishing of returns- 1-11-2024
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Section 49 relating to payment of tax, interest, penalty and other amounts- 1-11-2024
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Section 50 relating to interest on delayed payment of tax- 1-11-2024
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Section 51 relating to tax deduction at source- 1-11-2024
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Section 54 relating to refund of tax- 1-11-2024
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Section 61 relating to scrutiny of returns- 1-11-2024
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Section 62 relating to assessment of non- filers of returns- 1-11-2024
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Section 63 relating to assessment of unregistered persons- 1-11-2024
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Section 64 relating to summary assessment in certain special cases- 1-11-2024
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Section 65 relating to audit by tax authorities- 1-11-2024
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Section 66 relating to special audit- 1-11-2024
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Section 70 relating to power to summon persons to give evidence and produce documents
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Section 73 relating to determination of tax, pertaining to the period up to Financial Year 2023-24,] not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized for any reason other than fraud or any wilful-misstatement or suppression of facts- 1-11-2024
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Section 74 relating to determination of tax, pertaining to the period up to Financial Year 2023-24,] not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized by reason of fraud or any wilful-misstatement or suppression of facts- 1-11-2024
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Insertion of Section 74-A relating to determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilized for any reason pertaining to Financial Year 2024-25 onward- 1-11-2024
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Section 75 relating to general provisions relating to determination of tax- 1-11-2024
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Section 104 relating to advance ruling to be void in certain circumstances- 1-11-2024
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Section 107 relating to appeals to Appellate Authority- 1-11-2024
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Section 109 relating to constitution of Appellate Tribunal and Benches thereof- 27-9-2024
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Section 112 relating to appeals to Appellate Tribunal- 1-11-2024
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Section 122 relating to penalty for certain offences- 1-11-2024
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Section 127 relating to power to impose penalty in certain cases- 1-11-2024
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Insertion of Section 128-A relating to waiver of interest or penalty or both relating to demands raised under Section
73 , for certain tax periods- 1-11-2024 -
Section 140 relating to transitional arrangements for input tax credit- 1-11-2024
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Section 171 relating to anti-profiteering measure- 27-9-2024
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In Schedule III insertion of paragraph 9 and 10 in the Explanation- 1-11-2024
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Section 150 of the Finance (No. 2) Act which says that no refund will be made of all the tax paid or the input credit reversed which will was not so paid or not reversed if Section 118 (Section 16 of CGST Act- relating to eligibility and conditions for taking input tax credit) was in force at all material times- 27-9-2024
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In Integrated Goods and Services Tax Act, 2017 (‘IGST Act’):
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Section 5 relating to levy and collection- 1-11-2024
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Insertion of Section 6-A relating to power not to recover Goods and Services Tax not levied or short- levied as result of general practice- 1-11-2024
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Section 16 relating to zero rated supply- 1-11-2024
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Section 20 relating to application of provisions of Central Goods and Services Tax Act- 1-11-2024
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In Union Territory Goods and Services Tax Act, 2017 (‘UTGST Act’):
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In Goods and Services Tax (Compensation to States) Act, 2017:
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Insertion of Section 8-A relating to power not to recover cess not levied or short levied as a result of general practice- 1-11-2024
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