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Finance Act, 2020
Finance Act, 2020 comes into effect from 27-3-2020. — With coming into
effect of Finance Act, 2020 from 27-3-2020, its Sections 2 to 104 shall come into
force on 1-4-2020, however, Sections 116 to 129 and Section 132 shall come into
force on the date as the Central Government may appoint. Further following
changes have been made in the provisions of the Customs Act, 1962.
Amendment of Section 11. — Section 11(f) has been amended to include
“any other goods”, besides gold and silver, the import or export of which can be
prohibited either absolutely or partially for the prevention of injury to the econ-
omy of the country by their uncontrolled import or export.
Amendment of Section 28. — Explanation 4 under Section 28 has been
substituted, with effect from 29-3-2018 to the effect that in cases where notice has
been issued for non-levy, short-levy, non-payment, short-payment or erroneous
refund, prior to 29-3-2018, being the date of commencement of the Finance Act,
2018, such notice shall continue to be governed by the provisions of Section 28 as
it stood immediately before such date.”.
Amendment of Section 28AAA. — In sub-section (1) of Section 28AAA,
has been amended to include cases of fraudulent obtaining of an instrument un-
der any other law, or any scheme of the Central Government, for the time being
in force and also under regulations of such laws to apply the provisions of this
section. or duty credit issued under Section 51B, has also been included in the
definition of “instumrnts”.
Insertion of new Chapter VAA. — After Chapter VA of the Customs
Act, a new CHAPTER VAA, titled ADMINISTRATION OF RULES OF ORIGIN
UNDER TRADE AGREEMENT has been added incorporating Section 228DA
which has prescribed the Procedure regarding claim of preferential rate of duty.
Amendment of heading of Chapter VIIA. — In Chapter VIIA of the
Customs Act, in the heading, “Payments through electronic cash ledger”, the
words “AND ELECTRONIC DUTY CREDIT LEDGER” have been added.
Amendment of Section 111. — In Section 111 of the Customs Act, after
clause (p), the clause (q) has been inserted to specify the import of goods on a
claim of preferential rate of duty which contravenes any provision of Chapter
VAA or any rule made thereunder, as an offence specified under this section.
Amendment of Section 156. — In Section 156, regarding General Powers
to make rules, the powers to make rules regarding the form, time limit, manner,
circumstances, conditions, restrictions and such other matters for carrying out
the provisions of Chapter VAA.” have been added.

EXCISE LAW TIMES  15th April 2020  43