GST repeal mechanism removes Chapter V of the Finance Act, 1994 subject to saving provisions under the Act. Section 173 provides that, subject to the other provisions of the Central Goods and Services Tax Act, 2017, Chapter V of the Finance Act, 1994 shall be ... Summary
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GST repeal mechanism removes Chapter V of the Finance Act, 1994 subject to saving provisions under the Act.
Section 173 provides that, subject to the other provisions of the Central Goods and Services Tax Act, 2017, Chapter V of the Finance Act, 1994 shall be omitted. The provision functions as a legislative repeal mechanism, with the saving phrase preserving the effect of any contrary or specific provision made under the GST enactment.
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