The Goods and Services Tax (Compensation to States) Act, 2017 Notification
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Body The following Act of Parliament received the assent of the President on the 27th March, 2020, and is hereby published for general information:-

EXTRACT OF THE FINANCE ACT, 2020

No. 12 OF 2020

An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.

BE it enacted by Parliament in the Seventy-first 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, 2020.

(2) Save as otherwise provided in this Act,-

(a) sections 2 to 104 shall come into force on the 1st day of April, 2020;

(b) sections 116 to 129 and section 132 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)

140. Amendment of Section 14.

In section 14 of the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017), in sub-section (1), in the proviso, for the words "three years", the words "five years" shall be substituted.