CGST Act Changes in Provisions of Finance (No. 2) Act, 2024 Implemented from 1 Nov

· Sections 118, 142, 148 and 150 of the Finance Act, 2024-25 to come into force from 27 Sept.

Ø Section 16. Eligibility and conditions for taking input tax credit (Sec.118)

Ø Section 109. Constitution of Appellate Tribunal and Benches thereof (Sec.142)

Ø Section 171. Antiprofiteering measure. (Sec.148)

Ø Section 150. No refund of tax paid or input tax credit reversed. - 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. (Sec.150)

[Notification 17/2024-Central Tax dated 27 September, 2024]

Seeks to notify the provisions of Finance (No. 2) Act, 2024

S.O. …..(E).—In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance (No. 2) Act, 2024 (15 of 2024), the Central Government hereby appoints. —

(a) the date of publication of this notification in the Official Gazette, as the date on which the provisions of sections 118, 142, 148 and 150 of the said Act shall come into force; and

(b) the 1st day of November, 2024, 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 said Act shall come into force.

[No. CBIC-20006/20/2023-GST]