Finance Ministry Notifies Effective Date of Provisions of Finance (No. 2) Act, 2024: Know key Provisions and Effective Dates [Read Notification]

The Ministry of Finance, via Notification No. 17/2024–Central Tax dated September 27, 2024, has announced the commencement dates for several key provisions of the Finance (No. 2) Act, 2024.

According to the notification, certain sections of the Act, specifically sections 118, 142, 148, and 150, will come into effect immediately from the date of the notification’s publication in the Official Gazette that is 27th September 2024.

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In addition, a broader range of provisions, including sections 114 to 117, 119 to 141, 143 to 147, 149, and 151 to 157, will become effective starting from November 1, 2024. Some notable provisions include:

• Section 9 (Levy and Collection) and Section 10 (Composition Levy), effective from November 1, 2024.
• Section 16 (Eligibility for Input Tax Credit), which introduces sub-sections (5) and (6), effective from September 27, 2024.
• Section 128A, which allows for a waiver of interest or penalties under Section 73, will take effect on November 1, 2024.
• Section 109- constitution of appellate tribunal and benches thereof.

EFFECTIVE DATE: 27TH SEPTEMBER 2024

Subject/Section of the CGST Act, 2017	Finance Act Provisions
Section 16 (5) & S. 16(6)	Section 118
Section 109	Section 142
Section 171	Section 148
No refund shall be made of all the tax paid or the input tax credit reversed, which would not have been so paid, or not reversed, had section 118 been in force at all material times.	Section 150

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EFFECTIVE DATE - NOVEMBER 1, 2024

Subject/Section of the CGST Act, 2017	Finance Act Provisions
Section 9	Section 114
Section 10	Section 115
Section 11A	Section 116
Section 13	Section 117
Section 17	Section 119
Section 21	Section 120
Section 30	Section 121
Section 31	Section 122
Section 35	Section 123
Section 39	Section 124
Section 49	Section 125
Section 50	Section 126
Section 51	Section 127
Section 54	Section 128
Section 61	Section 129
Section 62	Section 130
Section 63	Section 131
Section 64	Section 132
Section 65	Section 133
Section 66	Section 134
Section 70	Section 135
Section 73	Section 136
Section 74	Section 137
Section 74A Insertion	Section 138
Section 75	Section 139
Section 104	Section 140
Section 107	Section 141
Section 109	Section 142
Section 112	Section 143
Section 122	Section 144
Section 127	Section 145
Section 128A Insertion	Section 146
Section 140	Section 147
Schedule III	Section 149
IGST - Section 5	Section 151
IGST - Section 6	Section 152
IGST - Section 16	Section 153
IGST - Section 20	Section 154
UTGST - Section 7	Section 155
UTGST - Section 8A Insertion	Section 156
UTGST - Section 8A Insertion (Compensation to states)	Section 157