EXTRACT OF THE FINANCE ACT, 2023
No. 8 OF 2023
[31st March, 2023.]
An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.
BE it enacted by Parliament in the Seventy-fourth Year of the Republic of India as follows:-
CHAPTER I
PRELIMINARY
1. Short title and commencement.
(1) This Act may be called the Finance Act, 2023.
(2) Save as otherwise provided in this Act,-
(a) sections 2 to 127 shall come into force on the 1st day of April, 2023;
(b) sections 128 to 163 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
CHAPTER IV
INDIRECT TAXES
Goods and Services Tax (Compensation to States) Act
163. Amendment of Schedule.
In the Schedule to the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017.),-
(a) in serial number 1, for the entry in column (4) occurring against tariff item 2106 90 20, the entry "fifty-one per cent, of retail sale price per unit" shall be substituted;
(b) in serial number 2, for the entry in column (4) occurring against Chapter 24, the entry "Four thousand one hundred and seventy rupees per thousand sticks or two hundred and ninety per cent, ad valorem or a combination thereof, but not exceeding four thousand one hundred and seventy rupees per thousand sticks plus two hundred and ninety per cent, ad valorem or hundred per cent, of retail sale price per unit" shall be substituted;
(c) the following Explanation shall be inserted at the end, namely:-
''Explanation.- For the purposes of this Schedule, -
(i) "retail sale price" means the maximum price at which the concerned goods in packaged form may be sold to the ultimate consumer and includes al] taxes, local or otherwise, freight, transport charges, commission payable to dealers, and all charges towards advertisement, delivery, packing, forwarding and the like and the price is the sole consideration for such sale: Provided that where the provisions of the Legal Metrology Act, 2009 (1 of 2010) or the rules made thereunder or any other law for the time being in force require to declare on the package, the retail sale price excluding any taxes, local or otherwise, the retail sale price shall be construed accordingly;
(ii) where on the package of any concerned goods more than one retail sale price is declared, the maximum of such retail sale prices shall be deemed to be the retail sale price;
(iii) where the retail sale price, declared on the package of any concerned goods at the time of its clearance from the place of manufacture, is altered to increase the retail sale price, such altered retail sale price shall be deemed to be the retail sale price;
(iv) where different retail sale prices are declared on different packages for the sale of any concerned goods in packaged form in different areas, each such retail sale price shall be the retail sale price for the purposes of determination of the rate of cess for the said goods intended to be sold in the area to which the retail sale price relates.'.