EXTRACT OF THE FINANCE ACT, 2023

No. 8 OF 2023

[31st March, 2023.]

An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.

BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:-

CHAPTER I

PRELIMINARY

1. Short title and commencement.

(1) This Act may be called the Finance Act, 2023.

(2) Save as otherwise provided in this Act,-

(a) sections 2 to 127 shall come into force on the 1st day of April, 2023;

(b) sections 128 to 163 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

PART IV

Amendments to the Central Sales Tax Act, 1956

168. Substitution of New Section for Section 19

In the Central Sales Tax Act,1956 (hereinafter referred to as the Central Sales Tax Act (74 of 1956.)), for section 19, the following section shall be substituted, namely:-

"19. Customs, Excise and Service Tax Appellate Tribunal to function as Authority under this Act.

Notwithstanding anything to the contrary contained in this Act or in any other law for the time being in force, the Customs, Excise and Service Tax Appellate Tribunal constituted under section 129 of the Customs Act, 1962 (52 of 1962.) shall be the Authority under this Act to settle inter-State disputes falling under sections 6A and 9.".

169. Omission of Section 24

Section 24 of the Central Sales Tax Act shall be omitted.

170. Amendment of Section 25

In the Central Sales Tax Act, in section 25, after sub-section (2), the following sub-section shall be inserted, namely:-

"(3) All appeals filed under section 20 and pending before the erstwhile Authority for Advance Rulings as on the date on which the Finance Bill, 2023 receives the assent of the President shall stand transferred to the Authority referred to in section 19.".