Vidhi Codex

The Provisional collection of Taxes Act,2023

The Provisional collection of Taxes Act, 2023

Tax20236 sections

The Provisional Collection of Taxes Act, 2023, regulates how the Indian government temporarily collects newly proposed customs and excise duties before Parliament officially passes them into law. Applying to businesses and taxpayers, this legislation allows proposed tax increases to take effect immediately upon the introduction of a bill to prevent market speculation. These immediate tax rates remain valid for up to seventy-five days. If Parliament subsequently modifies or rejects the tax proposal, the government must refund the excess money collected. This law matters because it secures immediate national revenue while protecting taxpayers through mandatory refunds if proposals are ultimately altered.

Start reading →Read full ActSections
  1. 1. Short title.
  2. 2. Definition.
  3. 3. Power of Central Government to make declaration.
  4. 4. Effect of declarations under this Act, and duration thereof.
  5. 5. Refunds to be made in certain cases.
  6. 6. Repeal.

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