section 159- Retrospective exemption to certain activities and transactions in schedule III to the Central Goods and Services Tax Act
Section 159: Retrospective Exemption in Schedule III of the Central Goods and Services Tax Act
This section addresses the retrospective application of certain exemptions in the Central Goods and Services Tax Act. Specifically, it states that paragraphs 7 and 8, along with Explanation 2 of Schedule III, which were added by section 32 of Act 31 of 2018, are considered to have been in effect from July 1, 2017. This means that the exemptions outlined in these paragraphs are retroactively applied from this date. However, the section also clarifies that any taxes collected before this retrospective application will not be refunded. In other words, even though these provisions are now considered to have been in effect since 2017, any taxes collected during that time under the assumption that these provisions were not in place will not be returned to taxpayers.
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Retrospective exemption to certain activities and transactions in Schedule III to the Central Goods and Services Tax Act.
159. (1) In Schedule III to the Central Goods and Services Tax Act, paragraphs 7 and 8 and the Explanation 2 thereof (as inserted vide section 32 of Act 31 of 2018) shall be deemed to have been inserted therein with effect from the 1st day of July, 2017.
(2) No refund shall be made of all the tax which has been collected, but which would not have been so collected, had sub-section (1) been in force at all material times.
