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Section112
The Finance Act, 2020

Insertion of new section 51B

In force As on 07 Oct 2026

Ministry Finance Cited by 1 provision

Section 112 of the Finance Act, 2020 deals with insertion of new section 51B. Insertion of new section 51B 112. After section 51A of the Customs Act, the following section shall be inserted, namely:- "51B.

Insertion of new section 51B

112. After section 51A of the Customs Act, the following section shall be inserted, namely:-

"51B. (1) Ledger for duty credit-The Central Government may, by notification in the Official Gazette, specify the manner in which it shall issue duty credit,-

(a)in lieu of remission of any duty or tax or levy, chargeable on any material used in the manufacture or processing of goods or for carrying out any operation on such goods in India that are exported; or
(b)in lieu of such other financial benefit subject to such conditions and restrictions as may be specified therein.

(2) The duty credit issued under sub-section (1) shall be maintained in the customs automated system in the form of an electronic duty credit ledger of the person who is the recipient of such duty credit, in such manner as may be prescribed.

(3) The duty credit available in the electronic duty credit ledger may be used by the person to whom it is issued or the person to whom it is transferred, towards making payment of duties payable under this Act or under the Customs Tariff Act, 1975 in such manner and subject to such conditions and restrictions and within such time as may be prescribed.".

Section 112, The Finance Act, 2020.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Customs Act s. 51A Payment of duty, interest, penalty, etc

Referred to by 1

  1. s. 2 Income-tax

Questions about Section 112

What does Section 112 of the Finance Act deal with?

Section 112 of the Finance Act is headed "Insertion of new section 51B". Insertion of new section 51B 112. After section 51A of the Customs Act, the following section shall be inserted, namely:- "51B.

How do I find court cases under Section 112 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2020 112, section 112 Finance Act 2020, section 112 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 112 of the Finance Act, and has it changed?

Its own text turns on Customs Act 51A (Payment of duty, interest, penalty, etc), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2020. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.