{"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":"153","heading":"Amendment of section 16","text":"Amendment of section 16. 153. In section 16 of the Integrated Goods and Services Tax Act,— (a) | in sub-section (4),— (i) | in clause (i), after the words \"claim refund of the tax so paid\", the words and figures \"in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder\" shall be inserted; (ii) | in clause (ii), for the words \"which may be exported on payment of integrated tax and the supplier of such goods or services may claim the refund of tax so paid\", the words and figure \"or both, on zero rated supply of which, the supplier may pay integrated tax and claim the refund of tax so paid, in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder\" shall be substituted; (b) | after sub-section (4), the following sub-section shall be inserted, namely:— \"(5) Notwithstanding anything contained in sub-sections (3) and (4), no refund of unutilised input tax credit on account of zero rated supply of goods or of integrated tax paid on account of zero rated supply of goods shall be allowed where such zero rated supply of goods are subjected to export duty.\".","html":"<p><b>Amendment of section 16.</b></p><p><b>153.</b> In section 16 of the Integrated Goods and Services Tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (4),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>i</i>), after the words \"claim refund of the tax so paid\", the words and figures \"in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder\" shall be inserted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>ii</i>), for the words \"which may be exported on payment of integrated tax and the supplier of such goods or services may claim the refund of tax so paid\", the words and figure \"or both, on zero rated supply of which, the supplier may pay integrated tax and claim the refund of tax so paid, in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>after sub-section (4), the following sub-section shall be inserted, namely:—</td></tr></table></div><p>\"(5) Notwithstanding anything contained in sub-sections (3) and (4), no refund of unutilised input tax credit on account of zero rated supply of goods or of integrated tax paid on account of zero rated supply of goods shall be allowed where such zero rated supply of goods are subjected to export duty.\".</p>","words":211,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/153/","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."}