Section 137- Amendment of section 74

Amendment to Section 74 of the Central Goods and Services Tax Act

The amendment to Section 74 of the Central Goods and Services Tax Act involves several changes. First, the marginal heading of this section is updated to include the words "pertaining to the period up to Financial Year 2023-24." This indicates that the determination of tax under this section is specifically relevant to the period up to the financial year 2023-24. Secondly, a new sub-section (12) is introduced, which explicitly states that the provisions of Section 74 will apply for determining tax for the period up to the financial year 2023-24. Lastly, Explanation 2, which was previously part of this section, has been removed. These amendments clarify and specify the applicability of the tax determination rules under Section 74 to a particular time frame, ensuring that the section's provisions are aligned with the designated financial years.