INTEGRATED GOOD AND SERVICES TAX (AMENDMENT) ACT, 2018
Section 2 - Amendment of section 2
Amendment to Section 2 of the Integrated Goods and Services Tax Act, 2017
The amendments to Section 2 of the Integrated Goods and Services Tax Act, 2017, introduce two specific changes. Firstly, in clause (6), sub-clause (iv), the text is updated to include that transactions can be conducted not only in foreign exchange but also in Indian rupees, provided this is allowed by the Reserve Bank of India. This change potentially broadens the scope of transactions under the Act by recognizing Indian rupees as a valid currency for exchange when permitted. Secondly, in clause (16), the Explanation is expanded to include that functions entrusted to a Panchayat under article 243G are also recognized. This amendment acknowledges and incorporates certain local government functions, ensuring that they are covered under the Act. These updates aim to provide clarity and expand the applicability of the Act in specific contexts.
Note: It is an AI generated summary for reference purpose only.
Amendment of section 2.
2. In section 2 of the Integrated Goods and Services Tax Act, 2017 (hereinafter referred to as the principal Act),––
(i) in clause (6), in sub-clause (iv), after the words "foreign exchange", the words "or in Indian rupees wherever permitted by the Reserve Bank of India" shall be inserted;
(ii) in clause (16), in the Explanation, in the long line, after the words "function entrusted", the words, figures and letter "to a Panchayat under article 243G or" shall be inserted.
