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<h1>Finance Act 2020 amends Schedule II of CGST Act, removes 'whether or not for a consideration' retroactively from July 2017.</h1> In the Finance Act, 2020, an amendment to Schedule II of the Central Goods and Services Tax Act was enacted, specifically altering paragraph 4. The amendment involves the removal of the phrase 'whether or not for a consideration' from the text at both instances where it appears. This change is retroactively effective from July 1, 2017. The amendment officially came into force on January 1, 2021, as per Notification No. 92/2020-Central Tax dated December 22, 2020.