9 Provisions of Finance Act, 2020 will be enforced from 1 Jan, 2021: CBIC [Read Notification]

9 Provisions of Finance Act, 2020 will be enforced from 1 Jan, 2021: CBIC [Read Notification]

9 Provisions of Finance Act, 2020 will be enforced from 1 Jan, 2021: CBIC [Read Notification]


The Central Board of Indirect Taxes and Customs (CBIC) notified 9 Provisions of Finance Act, 2020 will be enforced from 1 January 2021.

1. The Central Government appointed 1 January, 2021, as the date on which the provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the  Finance Act, 2020 shall come into force.

2. Section 119 sought to insert the words “or services”  after the words “of goods” in section 10 of the Central Goods and Services Tax Act. Section 120 omitted the words “invoice relating to such” from the section 16(4) of the Central Goods and Services Tax Act.

3. Section 121 stated that the taxable person is no longer liable to be registered under section 22 or section 24 or intends to opt out of the registration voluntarily made under sub-section (3) of section 25.

4. Section 122 seeks to amend section 30 of the Central Goods and Services Tax Act, wherein a proviso was substituted which says, “Provided that such period may, on sufficient cause being shown, and for reasons to be recorded in writing, be extended,  by the Additional Commissioner or the Joint Commissioner, as the case may be, for a period not exceeding thirty days; by the Commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a).

5. Section 123 seeks to amend the provision of Section 31 of the CGST Act which relates to time of supply of goods.

6. Section 124 seeks to amend Section 51 of the CGST Act which relates to the provisions of TDS.

7. Section 126 seeks to amend section 122 of the Central Goods and Services Tax Act  which relates to the offences and penalties.

8. Section 127 seeks to amend section 132 of the Central Goods and Services Tax Act which relates to the power of the GST authorities to arrest the taxpayers.

9. Section 131 states that In Schedule II to the Central Goods and Services Tax Act, in paragraph 4,the words to Schedule II “whether or not for a consideration,” at both the places where they occur, shall be omitted and shall be deemed to have been omitted with effect from the 1 July, 2017. 

Leave a Reply