Section 70 - Amendment of section 206C.

Tax collection obligation on sale of specified goods now requires sellers to collect tax at receipt and remit under amended rules.

Amendment imposes a tax collection at source duty on sellers receiving consideration for motor vehicles and notified goods above the statutory threshold, requiring collection at receipt and expanding credit eligibility. It grants the Central Government power to notify additional goods and exempt or set lower collection rates for specified transactions or classes. Procedural changes set a six-year cap for correction statements, restructure interest into collection and payment phases, and limit deeming orders for assessee-in-default to six years or two years from correction statement filing, as applicable.