{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"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-2/"},"unit":"section","section":{"number":"148","heading":"Amendment of section 171","text":"Amendment of section 171. 148. In section 171 of the Central Goods and Services Tax Act,— (a) | in sub-section (2), the following proviso and Explanation shall be inserted, namely:— 'Provided that the Government may by notification, on the recommendations of the Council, specify the date from which the said Authority shall not accept any request for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him. Explanation.— For the purposes of this sub-section, \"request for examination\" shall mean the written application filed by an applicant requesting for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him.'; (b) | the Explanation shall be renumbered as Explanation 1 thereof, and after Explanation 1 as so renumbered, the Explanation shall be inserted, namely:— 'Explanation 2.— For the purposes of this section, the expression \"Authority\" shall include the \"Appellate Tribunal\".'.","html":"<p><b>Amendment of section 171.</b></p><p><b>148.</b> In section 171 of the Central Goods and Services Tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (2), the following proviso and <i>Explanation</i> shall be inserted, namely:—</td></tr><tr><td></td><td></td><td><b>'Provided</b> that the Government may by notification, on the recommendations of the Council, specify the date from which the said Authority shall not accept any request for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him.</td></tr><tr><td></td><td></td><td><i>Explanation</i>.— For the purposes of this sub-section, \"request for examination\" shall mean the written application filed by an applicant requesting for examination as to whether input tax credits availed by any registered person or the reduction in the tax rate have actually resulted in a commensurate reduction in the price of the goods or services or both supplied by him.';</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the <i>Explanation</i> shall be renumbered as <i>Explanation 1</i> thereof, and after <i>Explanation 1</i> as so renumbered, the <i>Explanation</i> shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'<i>Explanation 2</i>.— For the purposes of this section, the expression \"Authority\" shall include the \"Appellate Tribunal\".'.</td></tr></table></div>","words":196,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/148/","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."}