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Notification No. 27/2023 – Central Tax: Section 123 Fin. Act

by | Jan 15, 2024 | GST, 2023 Notifications, Central Tax 2023 Notifications, Notifications | 0 comments

Notification No. 27/2023 – Central Tax Section 123 Finance Act

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Important Keyword: Notification No. 27/2023 – Central Tax, Section 123 Finance Act 2021, F. No. CBIC-20006/20/2023, Notification No. 27/2023 CT, Section 1(2)(b) Finance Act 2021,

Words: 659; Read time: 3 minutes.

[F. No. CBIC-20006/20/2023-GST]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS

New Delhi, dated the 31st July, 2023

Notification No. 27/2023 – Central Tax: Seeks to notify the provisions of section 123 of the Finance Act, 2021 (13 of 2021).

GST: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

S.O. ….(E). —In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the 1stday of October 2023, as the date on which the provisions of section 123 of the said Act shall come into force.

(Alok Kumar)
Director

Frequently Asked Questions (FAQs)

  1. What is Notification No. 27/2023 – Central Tax?

    Notification No. 27/2023 – Central Tax is a regulation that outlines the provisions of section 123 of the Finance Act, 2021, providing clarity on specific tax policies.

  2. How does Section 123 of the Finance Act 2021 impact taxpayers?

    Section 123 Finance Act 2021 introduces measures affecting compliance and tax obligations, ultimately aiming to simplify tax administration for taxpayers.

  3. What is the purpose of F. No. CBIC-20006/20/2023?

    F. No. CBIC-20006/20/2023 relates to the issuance of Notification No. 27/2023 CT, detailing the administrative framework for implementing the provisions of the Finance Act.

  4. Where can I find more information regarding Notification No. 27/2023 CT?

    Detailed information regarding Notification No. 27/2023 CT can be found on the official CBIC website and through related government publications.

  5. What does Section 1(2)(b) of the Finance Act 2021 specify?

    Section 1(2)(b) Finance Act 2021 outlines the commencement of certain provisions, including those found in Notification No. 27/2023 – Central Tax, effective from the specified date.

  6. Are there any compliance requirements under Notification No. 27/2023 – Central Tax?

    Yes, there are compliance requirements under Notification No. 27/2023 – Central Tax that taxpayers must adhere to, ensuring alignment with the new regulations.

  7. How can businesses prepare for the changes brought by Notification No. 27/2023 CT?

    Businesses can prepare by reviewing the provisions of Section 123 Finance Act 2021 and implementing necessary adjustments to their tax processes and reporting.

  8. What are the implications of failing to comply with Notification No. 27/2023 CT?

    Failing to comply with Notification No. 27/2023 CT can lead to penalties, increased scrutiny from tax authorities, and potential legal repercussions.

  9. Is there a deadline for compliance with Notification No. 27/2023 – Central Tax?

    Yes, there is a deadline for compliance specified in the notification, and it is crucial for taxpayers to be aware of this date to avoid penalties.

  10. How will Notification No. 27/2023 CT affect tax audits?

    Notification No. 27/2023 CT may change the scope and process of tax audits, reflecting the updated provisions of Section 123 Finance Act 2021, which tax authorities will enforce.

The above content & below document is sourced from: https://taxinformation.cbic.gov.in/

Notification No. 27 2023 – Central Tax Section 123 Finance Act – EnglishDownload

Read More: Seeks to notify the provisions of sections 137 to 162 of the Finance Act, 2023 (8 of 2023).