Substitution of new section for section 41
Section 106 of the Finance Act, 2022 deals with substitution of new section for section 41. Substitution of new section for section 41.
Substitution of new section for section 41.
106. For section 41 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:—
"41. Availment of input tax credit.— (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger.
(2) The credit of input tax availed by a registered person under sub-section (1) in respect of such supplies of goods or services or both, the tax payable whereon has not been paid by the supplier, shall be reversed along with applicable interest, by the said person in such manner as may be prescribed:
Provided that where the said supplier makes payment of the tax payable in respect of the aforesaid supplies, the said registered person may re-avail the amount of credit reversed by him in such manner as may be prescribed. ".
Section 106, The Finance Act, 2022 (Act 6 of 2022).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 106
What does Section 106 of the Finance Act deal with?
Section 106 of the Finance Act is headed "Substitution of new section for section 41". Substitution of new section for section 41.
How do I find court cases under Section 106 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 2022 106, section 106 Finance Act 2022, section 106 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 106 of the Finance Act, and has it changed?
Its own text turns on Central Goods and Services Tax Act 41 (Availment of input tax credit), section 41 (Amendment of section 144), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2022 as Act 6 of 2022. 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
- First Schedule. First Schedule9792 words
- 2. Income-tax6839 words
- 42. Amendment of section 144B3753 words
- 4. Amendment of section 103713 words
- 39. Insertion of new section 140B1269 words
- 31. Amendment of section 115TD965 words
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