The Government of India on December 28, 2023, notified the Provisional Collection of Taxes Act, 2023 (“Provisional Collection of Taxes Act”).
The Provisional Collection of Taxes Act empowers the Central Government to declare provisions in a Bill related to customs or excise duties as having immediate legal effect. Once a provision is declared, it becomes law when the Bill is introduced and ceases under certain conditions: upon enactment, government direction, or after 75 days from introduction. If an amended provision becomes law before the 75-day mark, refunds are issued for excess duties collected. The Act also repeals the Provisional Collection of Taxes Act, 1931.
The Provisional Collection of Taxes Act can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/The-Provisional-Collection-of-Taxes-Act-2023.pdf