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AMENDMENTS IN THE IGST ACT, 2017 - FINANCE (No.2) BILL, 2019
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Intergovernmental transfer of IGST collections enabled to reflect electronic cash ledger head reallocation between Centre and States.
A new provision adds intergovernmental transfer mechanics to the IGST Act to govern movement of amounts between the Centre and States arising from reallocation of funds between heads within the electronic cash ledger, providing the legal basis for adjusting IGST-related balances and transferring sums to reflect such ledger head transfers.
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The Finance (No. 2) Bill, 2019 retrospectively amends Notification No. 2/2017 under the Central, Integrated and Union Territory GST rate schedules to exempt Uranium Ore Concentrate from Central Tax, Integrated Tax and Union Territory Tax for the period from 1st July, 2017 to 14th November, 2017, effectuating a removal of tax incidence on that good by amendment of the respective notifications.

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Non-applicability of Section 271AAB of the Act

1 February, 2025

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Union Budget 2025-26 (Full) + Finance Bill, 2025

XV. Non-applicability of Section 271AAB of the Act

The existing provisions of sub-section (1A) of section 271AAB of the Act relates to penalty in respect of searches initiated after 15.12.2016.

2. Vide Finance Act, 2024, provisions of ‘Block Assessment’ (Chapter XIV-B) were introduced for searches initiated under section 132 of the Act on or after the 1st day of September, 2024. Although section 271AAB of the Act is clear that its provisions are not applicable to proceedings conducted under section 158BC of the Act, it is proposed to remove any ambiguous interpretation of its applicability to searches conducted on or after 01.09.2024.

3. Therefore, it is proposed to amend section 271AAB of the Act to provide that its provisions shall not be applicable to the assessee in whose case search has been initiated under section 132 on or after the 1st day of September, 2024.

4. This amendment will take effect from the 1st day of September, 2024.

[Clause 75]

 

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Union Budget 2025-26 (Full) + Finance Bill, 2025

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Acts Income Tax
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