{"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":"Second Schedule","heading":"-","text":"SECOND SCHEDULE (See section 105) Notification number to be amended | Amendment | Period of effect of amendment (1) | (2) | (3) G.S.R. number 356(E), dated 10th May, 2023 [37/2023- Customs, dated 10th May, 2023]. | In the said notification, in the Annexure, for the conditions, the following conditions shall be substituted, namely:— | 1st day of April, 2023 to 10th day of May, 2023 (both days inclusive). Conditions \"(a) | Importer produces to the Deputy Commissioner or the Assistant Commissioner of Customs, as the case may be, a valid Tariff Rate Quota (TRQ) authorisation for the Financial Year 2022-23 allotted by Directorate General of Foreign Trade; (b) | The duty and cess benefit under the aforesaid valid TRQ authorisation shall be restricted only to the extent of unutilised quota which is not used to claim such benefit under notification No. 30/2022-Customs, dated the 24th May, 2022, or under this notification from 11th May, 2023 and up to 30th June, 2023 (both days inclusive); (c) | Bill of lading for concerned import consignment is issued on or before 31st March, 2023; (d) | The TRQ is allotted to the importer by the Directorate General of Foreign Trade, in accordance with the relevant procedure as specified in the Hand Book of Procedures, 2015-20 or 2023, as applicable; and (e) | The TRQ authorisation shall contain the name and address of the importer, IEC code, Customs notification No., sub-heading or tariff item as applicable, quantity and validity period of certificate.\".","html":"<p>SECOND SCHEDULE</p><p>(<i>See</i> section 105)</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>Notification number to be amended</td><td></td><td>Amendment</td><td></td><td>Period of effect of amendment</td></tr><tr><td>(1)</td><td></td><td>(2)</td><td></td><td>(3)</td></tr><tr><td>G.S.R. number 356(E), dated 10th May, 2023 [37/2023- Customs, dated 10th May, 2023].</td><td></td><td>In the said notification, in the Annexure, for the conditions, the following conditions shall be substituted, namely:—</td><td></td><td>1st day of April, 2023 to 10th day of May, 2023 (both days inclusive).</td></tr><tr><td></td><td>Conditions</td><td></td></tr><tr><td></td><td><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>a</i>)</td><td></td><td>Importer produces to the Deputy Commissioner or the Assistant Commissioner of Customs, as the case may be, a valid Tariff Rate Quota (TRQ) authorisation for the Financial Year 2022-23 allotted by Directorate General of Foreign Trade;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>The duty and cess benefit under the aforesaid valid TRQ authorisation shall be restricted only to the extent of unutilised quota which is not used to claim such benefit under notification No. 30/2022-Customs, dated the 24th May, 2022, or under this notification from 11th May, 2023 and up to 30th June, 2023 (both days inclusive);</td></tr><tr><td>(<i>c</i>)</td><td></td><td>Bill of lading for concerned import consignment is issued on or before 31st March, 2023;</td></tr><tr><td>(<i>d</i>)</td><td></td><td>The TRQ is allotted to the importer by the Directorate General of Foreign Trade, in accordance with the relevant procedure as specified in the Hand Book of Procedures, 2015-20 or 2023, as applicable; and</td></tr><tr><td>(<i>e</i>)</td><td></td><td>The TRQ authorisation shall contain the name and address of the importer, IEC code, Customs notification No., sub-heading or tariff item as applicable, quantity and validity period of certificate.\".</td></tr></table></div></td><td></td></tr></table></div>","words":249,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/Second%20Schedule/","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."}