Quick Summary
Finance Minister Nirmala Sitharaman Unveils Provisional Collection of Taxes Bill, 2023, for Swift Implementation of Customs and Excise Duty Changes In a strategic move to facilitate the expeditious implementation of changes in customs and excise duties, the Honble Finance Minister, Nirmala Sitharaman, introduced the Provisional Collection of Taxes Bill, 2023, in the Lok Sabha on December 13, 2023. This legislation aims to provide immediate effect for a limited period to provisions in Bills re
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FAQ :
It is a new bill introduced in the Lok Sabha that allows the government to provisionally implement changes in customs and excise duties for a limited time.
The Finance Minister, Nirmala Sitharaman, introduced the bill in the Lok Sabha.
The bill was introduced in the Lok Sabha on December 13, 2023.
The bill's purpose is to enable the swift implementation of changes in customs and excise duties to respond to economic conditions.
The provisional collection of taxes is for a limited, defined period, not indefinitely.
Yes, the legislation provides flexibility to allow modifications in tariff classifications along with changes in duty rates.
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