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Taxation Central Ministry of Finance Central Goods and Services Tax Act, 2017

Notifying Effective Date of various sections of Finance (No. 2) Act, 2024

27-Sep-2024 | 17/2024-Central Tax

Central Board of Indirect Taxes and Customs has notified the effective date of sections 118, 142, 148 and 150 of Finance (No. 2) Act, 2024, as 27th September 2024.

1. Section 118- Insertion of sub-sections (5) and (6) regarding the input tax credit in section 16 of the Central Goods and Services Tax Act, 2017.
2. Section 142- Amendment to section 109 of the Central Goods and Services Tax Act, 2017 regarding the Appellate Tribunal and Benches Constitution.
3. Section 148-Insertion of Proviso and Explanation in section 171 of the Central Goods and Services Tax Act, 2017 regarding Anti-profiteering measures.
4. Section 150-No refund shall be made of all the tax paid, or the input tax credit reversed, which would not have been so paid, or not reversed, had section 118 been in force at all material times.

Additionally, 1st day of November 2024, has been appointed as the date on which the provisions of sections 114 to 117, 119 to 141, 143 to 147, 149 and 151 to 157 of the Finance (No. 2) Act, 2024 shall come into force.

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