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of <h1>Finance Bill 2023 amends Schedule III of CGST Act; retrospective tax exemptions from July 1, 2017, no refunds issued.</h1> Clause 142 of the Finance Bill, 2023, amends Schedule III of the Central Goods and Services Tax Act, granting retrospective effect to paragraphs 7 and 8, along with Explanation 2, effective from July 1, 2017. This amendment means that certain activities and transactions are retrospectively exempted from tax collection as if the provisions had been in force since the specified date. However, no refunds will be issued for taxes already collected under these provisions before the amendment.
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