{"id":332484,"date":"2024-10-05T09:00:30","date_gmt":"2024-10-05T03:30:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=332484"},"modified":"2024-10-07T11:24:10","modified_gmt":"2024-10-07T05:54:10","slug":"mof-notifies-sections-of-finance-no2-act-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/05\/mof-notifies-sections-of-finance-no2-act-legal-news\/","title":{"rendered":"MoF notifies Sections relating to GST in Finance (No. 2) Act"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">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.<\/p>\n<p style=\"font-weight: bold;\">The amendments in the following sections of the following Acts which were brought vide Finance (No. 2) Act, 2024 notified:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002896482\" rel=\"noopener\" target=\"_blank\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002896482\" target=\"_blank\" rel=\"noopener\">Central Goods and Services Tax Act, 2017<\/a><\/a> (&#8216;CGST Act&#8217;):<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534836\" rel=\"noopener\" target=\"_blank\">9<\/a><\/span> relating to levy and collection- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534675\" rel=\"noopener\" target=\"_blank\">10<\/a><\/span> relating to composition levy- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002262006\" target=\"_blank\" rel=\"noopener\">11-A<\/a><\/span> relating to power not to recover goods and services tax not levied or short- levied as a result of general practice- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534708\" rel=\"noopener\" target=\"_blank\">13<\/a><\/span> relating to time of supply of services- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534740\" rel=\"noopener\" target=\"_blank\">16<\/a><\/span> relating to eligibility and conditions for taking input tax credit- <span style=\"font-weight: bold;\">27-9-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534751\" rel=\"noopener\" target=\"_blank\">17<\/a><\/span> relating to apportionment of credit and blocked credits- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534761\" rel=\"noopener\" target=\"_blank\">21<\/a><\/span> relating to manner of credit distributed in excess- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534771\" rel=\"noopener\" target=\"_blank\">30<\/a><\/span> relating to revocation of cancellation of registration- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534772\" rel=\"noopener\" target=\"_blank\">31<\/a><\/span> relating to tax invoice- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534776\" rel=\"noopener\" target=\"_blank\">35<\/a><\/span> relating to accounts and other records- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534780\" rel=\"noopener\" target=\"_blank\">39<\/a><\/span> relating to furnishing of returns- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534791\" rel=\"noopener\" target=\"_blank\">49<\/a><\/span> relating to payment of tax, interest, penalty and other amounts- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534793\" rel=\"noopener\" target=\"_blank\">50<\/a><\/span> relating to interest on delayed payment of tax- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534794\" rel=\"noopener\" target=\"_blank\">51<\/a><\/span> relating to tax deduction at source- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534797\" rel=\"noopener\" target=\"_blank\">54<\/a><\/span> relating to refund of tax- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534805\" rel=\"noopener\" target=\"_blank\">61<\/a><\/span> relating to scrutiny of returns- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534806\" rel=\"noopener\" target=\"_blank\">62<\/a><\/span> relating to assessment of non- filers of returns- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534807\" rel=\"noopener\" target=\"_blank\">63<\/a><\/span> relating to assessment of unregistered persons- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534808\" rel=\"noopener\" target=\"_blank\">64<\/a><\/span> relating to summary assessment in certain special cases- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534809\" rel=\"noopener\" target=\"_blank\">65<\/a><\/span> relating to audit by tax authorities- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534810\" rel=\"noopener\" target=\"_blank\">66<\/a><\/span> relating to special audit- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534815\" rel=\"noopener\" target=\"_blank\">70<\/a><\/span> relating to power to summon persons to give evidence and produce documents<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534818\" rel=\"noopener\" target=\"_blank\">73<\/a><\/span> 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- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534819\" rel=\"noopener\" target=\"_blank\">74<\/a><\/span> 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- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002262008\" target=\"_blank\" rel=\"noopener\">74-A<\/a><\/span> 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- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002896482\" target=\"_blank\" rel=\"noopener\">75<\/a><\/span> relating to general provisions relating to determination of tax- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534680\" target=\"_blank\" rel=\"noopener\">104<\/a><\/span> relating to advance ruling to be void in certain circumstances- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534683\" target=\"_blank\" rel=\"noopener\">107<\/a><\/span> relating to appeals to Appellate Authority- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534685\" target=\"_blank\" rel=\"noopener\">109<\/a><\/span> relating to constitution of Appellate Tribunal and Benches thereof- <span style=\"font-weight: bold;\">27-9-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534689\" target=\"_blank\" rel=\"noopener\">112<\/a><\/span> relating to appeals to Appellate Tribunal- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534700\" target=\"_blank\" rel=\"noopener\">122<\/a><\/span> relating to penalty for certain offences- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534705\" target=\"_blank\" rel=\"noopener\">127<\/a><\/span> relating to power to impose penalty in certain cases- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002262007\" target=\"_blank\" rel=\"noopener\">128-A<\/a><\/span> relating to waiver of interest or penalty or both relating to demands raised under Section <doclink docname=\"\" actblocktype=\"Section\" sectionno=\"73\" doi=\"\" match=\"no\">73<\/doclink>, for certain tax periods- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534719\" target=\"_blank\" rel=\"noopener\">140<\/a><\/span> relating to transitional arrangements for input tax credit- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534753\" target=\"_blank\" rel=\"noopener\">171<\/a><\/span> relating to anti-profiteering measure- <span style=\"font-weight: bold;\">27-9-2024<\/span><\/p>\n<\/li>\n<li>\n<p>In <span style=\"font-weight: bold;\">Schedule <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534673\" target=\"_blank\" rel=\"noopener\">III<\/a><\/span> insertion of paragraph 9 and 10 in the Explanation- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section 150 of the Finance (No. 2) Act<\/span> 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<\/doclink><\/span> of CGST Act- relating to eligibility and conditions for taking input tax credit) was in force at all material times- <span style=\"font-weight: bold;\">27-9-2024<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002928203\" rel=\"noopener\" target=\"_blank\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002928203\" target=\"_blank\" rel=\"noopener\">Integrated Goods and Services Tax Act, 2017<\/a><\/a> (&#8216;IGST Act&#8217;):<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534867\" rel=\"noopener\" target=\"_blank\">5<\/a><\/span> relating to levy and collection- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002260440\" target=\"_blank\" rel=\"noopener\">6-A<\/a><\/span> relating to power not to recover Goods and Services Tax not levied or short- levied as result of general practice- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534854\" rel=\"noopener\" target=\"_blank\">16<\/a><\/span> relating to zero rated supply- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534859\" rel=\"noopener\" target=\"_blank\">20<\/a><\/span> relating to application of provisions of Central Goods and Services Tax Act- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002935354\" rel=\"noopener\" target=\"_blank\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002935354\" target=\"_blank\" rel=\"noopener\">Union Territory Goods and Services Tax Act, 2017<\/a><\/a> (&#8216;UTGST Act&#8217;):<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002534895\" rel=\"noopener\" target=\"_blank\">7<\/a><\/span> relating to levy and collection- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002260441\" target=\"_blank\" rel=\"noopener\">8-A<\/a><\/span> relating to power not to recover Goods and Services Tax not levied or short- levied as a result of general practice- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">In <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002935375\" rel=\"noopener\" target=\"_blank\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002935375\" target=\"_blank\" rel=\"noopener\">Goods and Services Tax (Compensation to States) Act, 2017<\/a><\/a>:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Insertion of <span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9002260442\" target=\"_blank\" rel=\"noopener\">8-A<\/a><\/span> relating to power not to recover cess not levied or short levied as a result of general practice- <span style=\"font-weight: bold;\">1-11-2024<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Insertion of Section 128-A in CGST Act gave relief to the taxpayers who were burdened with their previous tax obligations.<\/p>\n","protected":false},"author":67515,"featured_media":327921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[29698,73761,41929,65718,73762],"class_list":["post-332484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-cgst","tag-finance-no-2-act","tag-igst","tag-notified","tag-utgst"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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