Download Finance Act 2022 and Amendments made in Income Tax and GST

Finance Act 2022: The Finance Minister, Smt. Nirmala Sitharaman has presented the Union Budget 2022-23 in the Parliament. She has presented her fourth and India’s second Digital Budget today. We have uploaded here Union Finance Act 2022.

Download the full text of the Finance Act (No. 6 of 2022). Finance Bill 2022 was presented in the Lok Sabha on 01-02-2022 to seek the House’s approval for the central government’s proposals for the financial year 2022-23.

Click here to download Finance Act 2022 in PDF format. Finance Bill 2022 received the assent of the President on the 30th March, 2022 and become Finance Act 2022.

This PDF file will help you to understand the tax proposals made for the assessment year commencing on the 1st day of April, 2023. Finance Bill, 2022 was presented in the Lok Sabha by Finance Minister on 01-02-2022 and become Finance Act 2022 after receiving the assent of the President on the 30th March, 2022.

Finance Act 2022 for AY 2023-24

The Finance Act 2022

Finance Act 2022 is relevant for Assessment Year (AY) 2023-24 related to the Financial Year (FY) 2022-23. The following Act of Parliament received the assent of the President on the 30th March, 2022.

THE FINANCE ACT, 2022
(No. 6 of 2022)

30th March, 2022

An Act to give effect to the financial proposals of the Central Government for
the financial year 2022-2023.

BE it enacted by Parliament in the Seventy-third 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, 2022.

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

• (a) sections 2 to 85 shall come into force on the 1st day of April, 2022;
• (b) sections 100 to 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

CHAPTER-II RATES OF INCOME-TAX

2. Income-tax

CHAPTER-III DIRECT TAXES

Income-tax

3. Amendment of section 2.
4. Amendment of section 10.
5. Amendment of section 11.
6. Amendment of section 12A.
7. Amendment of section 12AB.
8. Amendment of section 13.
9. Amendment of section 14A.
10. Amendment of section 17.
11. Amendment of section 35.
12. Amendment of section 37.
13. Amendment of section 40.
14. Amendment of section 43B.
15. Amendment of section 50.
16. Amendment of section 56.
17. Amendment of section 68.
18. Amendment of section 79.
19. Insertion of new section 79A.
20. Amendment of section 80CCD.
21. Amendment of section 80DD.
22. Amendment of section 80-IAC.
23. Amendment of section 80LA.
24. Amendment of section 92CA.
25. Amendment of section 94.
26. Amendment of section 115BAB.
27. Amendment of section 115BBD.
28. Insertion of new sections 115BBH and 115BBI.
29. Amendment of section 115JC.
30. Amendment of section 115JF.
31. Amendment of section 115TD.
32. Amendment of section 115TE.
33. Amendment of section 115TF.
34. Amendment of section 119.
35. Amendment of section 132.
36. Amendment of section 132B.
37. Amendment of section 133A.
38. Amendment of section 139.
39. Insertion of new section 140B.
40. Amendment of section 143.
41. Amendment of section 144.
42. Amendment of section 144B.
43. Amendment of section 144C.
44. Amendment of section 148.
45. Amendment of section 148A.
46. Insertion of new section 148B.
47. Amendment of section 149.
48. Amendment of section 153.
49. Amendment of section 153B.
50. Amendment of section 155
51. Insertion of new section 156A.
52. Amendment of section 158AA.
53. Insertion of new section 158AB.
54. Amendment of section 170.
55. Insertion of new section 170A.
56. Amendment of section 179.
57. Amendment of section 194-IA.
58. Amendment of section 194-IB.
59. Insertion of new section 194R.
60. Insertion of new section 194S.
61. Amendment of section 201.
62. Amendment of section 206AB.
63. Amendment of section 206C.
64. Amendment of section 206CCA.
65. Amendment of section 234A.
66. Amendment of section 234B.
67. Insertion of new section 239A.
68. Amendment of section 245MA.
69. Amendment of section 246A.
70. Amendment of section 248.
71. Amendment of section 253.
72. Amendment of section 255.
73. Amendment of section 263.
74. Amendment of section 271AAB.
75. Amendment of section 271AAC.
76. Amendment of section 271AAD.
77. Insertion of new section 271AAE.
78. Amendment of section 271C.
79. Amendment of section 272A.
80. Amendment of section 276AB.
81. Amendment of section 276B.
82. Amendment of section 276CC.
83. Amendment of section 278A.
84. Amendment of section 278AA.
85. Substitution of new section for section 285B.

CHAPTER-IV INDIRECT TAXES

Customs

86. Amendment of section 2.
87. Amendment of section 3.
88. Amendment of section 5.
89. Amendment of section 14.
90. Amendment of section 28E.
91. Amendment of section 28H.
92. Amendment of section 28-I.
93. Amendment of section 28J.
94. Insertion of new section 110AA.
95. Insertion of new section 135AA.
96. Amendment of section 137.
97. Validation of certain actions taken under Customs Act.

Customs Tariff

98. Amendment of First Schedule.

Excise

99. Amendment of Fourth Schedule.

GST Book PDF April 2024 Edition: Goods and Services Tax

Central Goods and Services Tax

100. Amendment of section 16.
101. Amendment of section 29.
102. Amendment of section 34.
103. Amendment of section 37.
104. Substitution of new section for section 38.
105. Amendment of section 39.
106. Substitution of new section for section 41.
107. Omission of sections 42, 43 and 43A.
108. Amendment of section 47.
109. Amendment of section 48.
110. Amendment of section 49. [Enforce w.e.f. 5.07.2022]
111. Amendment of section 50. [Enforce w.e.f. 5.07.2022]
112. Amendment of section 52.
113. Amendment of section 54.
114. Amendment of section 168.
115. Amendment of notification issued under section 146 of Central Goods and Services Tax Act read with section 20 of Integrated Goods and Services Tax Act, retrospectively.
116. Amendment of notification issued under sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively.
117. Retrospective exemption from, or levy or collection of, central tax in certain
     cases.
118. Retrospective effect to notification issued under sub-section (2) of section 7 of Central Goods and Services Tax Act.

Integrated Goods and Services Tax

119. Amendment of notification issued under section 20 of Integrated Goods and Services Tax read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively.
120. Retrospective exemption from, or levy or collection of, integrated tax in certain cases.
121. Retrospective effect to notification issued under clause (i) of section 20 of Integrated Goods and Services Tax read with sub-section (2) of section 7 of Central Goods and Services Tax Act.

Union Territory Goods and Services Tax

122. Amendment of notification issued under section 21 of Union Territory Goods and Services Tax Act read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively.
123. Retrospective exemption from, or levy or collection of, Union territory tax in certain cases.
124. Retrospective effect to notification issued under clause (i) of section 21 of Union Territory Goods and Services Tax Act read with sub-section (2) of section 7 of Central Goods and Services Tax Act.

CHAPTER-V MISCELLANEOUS

PART-I

AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934

125. Amendment of Act 2 of 1934.

PART-II

AMENDMENT TO THE FINANCE ACT, 2001

126. Amendment of Seventh Schedule.

THE FIRST SCHEDULE.
THE SECOND SCHEDULE.
THE THIRD SCHEDULE.
THE FOURTH SCHEDULE.
THE FIFTH SCHEDULE.
THE SIXTH SCHEDULE.
THE SEVENTH SCHEDULE.
THE EIGHTH SCHEDULE.
THE NINTH SCHEDULE.