Context: Parliament has passed the Provisional Collection of Taxes Bill, 2023 with Rajya Sabha returning it to Lok Sabha.
Provisional Collection of Taxes Bill, 2023
oIt will cease to have effect once: (i) the Bill is enacted, (ii) the central government directs so in pursuance of a motion passed by Parliament, or (iii) after the 75th day after the date of the introduction of the Bill.
oIt also clarifies that these provisions will be applicable regardless of whether the tariff classification has changed.
oIf the declared provision is not enacted, duties and taxes collected will be refunded in entirety.