Insertion of new section 114AC
Section 96 of the Finance Act, 2021 deals with insertion of new section 114AC. Insertion of new section 114AC. 96. After section 114AB of the Customs Act, the following section shall be inserted, namely:–– '114AC.
Insertion of new section 114AC.
96. After section 114AB of the Customs Act, the following section shall be inserted, namely:––
'114AC. Penalty for fraudulent utilisation of input tax credit for claiming refund.—Where any person has obtained any invoice by fraud, collusion, wilful misstatement or suppression of facts to utilise input tax credit on the basis of such invoice for discharging any duty or tax on goods that are entered for exportation under claim of refund of such duty or tax, such person shall be liable for penalty not exceeding five times the refund claimed.
Explanation.––For the purposes of this section, the expression "input tax credit" shall have the same meaning as assigned to it in clause (63) of section 2 of the Central Goods and Services Tax Act, 2017 (12 of 2017).'.
Section 96, The Finance Act, 2021.
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Questions about Section 96
What does Section 96 of the Finance Act deal with?
Section 96 of the Finance Act is headed "Insertion of new section 114AC". Insertion of new section 114AC. 96. After section 114AB of the Customs Act, the following section shall be inserted, namely:–– '114AC.
How do I find court cases under Section 96 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 2021 96, section 96 Finance Act 2021, section 96 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 96 of the Finance Act, and has it changed?
Its own text turns on Customs Act 114AB (Penalty for obtaining instrument by fraud, etc), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2021. 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
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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