{"act":{"id":"finance-act-2024-no-1","short_title":"The Finance Act, 2024 (No. 1)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":"8","act_year":2024,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":13,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-1/"},"unit":"section","section":{"number":"13","heading":"Insertion of new section 122A","text":"Insertion of new section 122A. 13. After section 122 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:— \"122A. Penalty for failure to register certain machines used in manufacture of goods as per special procedure.—(1) Notwithstanding anything contained in this Act, where any person, who is engaged in the manufacture of goods in respect of which any special procedure relating to registration of machines has been notified under section 148, acts in contravention of the said special procedure, he shall, in addition to any penalty that is paid or is payable by him under Chapter XV or any other provisions of this Chapter, be liable to pay a penalty equal to an amount of one lakh rupees for every machine not so registered. (2) In addition to the penalty under sub-section (1), every machine not so registered shall be liable for seizure and confiscation: Provided that such machine shall not be confiscated where— (a) | the penalty so imposed is paid; and (b) | the registration of such machine is made in accordance with the special procedure within three days of the receipt of communication of the order of penalty.\".","html":"<p><b>Insertion of new section 122A.</b></p><p><b>13</b>. After section 122 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:—</p><p>\"122A. <i>Penalty for failure to register certain machines used in manufacture of goods as per special procedure.</i>—(1) Notwithstanding anything contained in this Act, where any person, who is engaged in the manufacture of goods in respect of which any special procedure relating to registration of machines has been notified under section 148, acts in contravention of the said special procedure, he shall, in addition to any penalty that is paid or is payable by him under Chapter XV or any other provisions of this Chapter, be liable to pay a penalty equal to an amount of one lakh rupees for every machine not so registered.</p><p><span class=\"num\">(2)</span> In addition to the penalty under sub-section (1), every machine not so registered shall be liable for seizure and confiscation:</p><p><b>Provided</b> that such machine shall not be confiscated where—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the penalty so imposed is paid; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the registration of such machine is made in accordance with the special procedure within three days of the receipt of communication of the order of penalty.\".</td></tr></table></div>","words":196,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-1/section/13/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}