Quick Summary
In a significant legislative move, Parliament approved the Provisional Collection of Taxes Bill, 2023 on Wednesday, ushering in a mechanism for the provisional enforcement of changes in customs and excise duties as outlined in the Budget, effective from midnight. The bill, introduced by Finance Minister Nirmala Sitharaman, not only grants provisional authority for the collection of newly imposed or increased duties but also incorporates a provision for refunding taxes collected that have not bee
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FAQ :
It is a bill passed by Parliament that allows the government to provisionally enforce changes in customs and excise duties as outlined in the Budget, effective from midnight.
Most changes in customs and excise duty rates become effective immediately from midnight, as outlined in the Budget.
The bill seeks parliamentary authorisation for the provisional levy and collection of newly imposed or increased customs and excise duties for a period of 75 days.
Yes, the bill includes a provision for the refund of taxes collected during the provisional period, particularly those not integrated into the subsequent Finance Bill.
The Provisional Collection of Taxes Bill, 2023 repeals The Provisional Collection of Taxes Act, 1931.
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