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of <h1>Finance Act 2023: Retrospective GST Exemptions for Schedule III Activities Effective July 1, 2017, No Tax Refunds Allowed</h1> In the Finance Act, 2023, amendments to the Central Goods and Services Tax Act provide retrospective exemptions for certain activities and transactions listed in Schedule III. Specifically, paragraphs 7 and 8, along with Explanation 2, are considered effective from July 1, 2017. Despite this retrospective application, any taxes collected prior to this amendment will not be refunded, even if they would not have been collected under the new provisions.
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