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With regard to effect of the ommission

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T.N.Reddy

M.Com

355 Points Posted on 20 March 2023

Sir.sections ie 42,43 and 43A of CGST Act, are omitted vide F.Act, 2022. So, is it retrospective or prospective?

Replies (2)

Quick Summary

The omission of sections 42, 43, and 43A of the CGST Act, 2017, by the Finance Act, 2022, is prospective. This change took effect from March 28, 2022, the date the Finance Act was enacted. Therefore, any actions or transactions before this date remain subject to the original provisions of the CGST Act.

CA Rakesh Ishi

Working at Private Company

8641 Points Posted on 20 March 2023

The omission of sections 42, 43 and 43A of the Central Goods and Services Tax (CGST) Act, 2017, was made through the Finance Act, 2022. As per the Finance Act, 2022, the omission of these sections is effective from the date of its enactment, which is March 28, 2022.

Therefore, the omission of sections 42, 43 and 43A of the CGST Act, 2017, is prospective in nature, and it will apply from March 28, 2022, onwards. This means that any actions taken or transactions made prior to this date will continue to be governed by the provisions of the CGST Act, 2017, including sections 42, 43, and 43A.