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TypeBare Act JurisdictionCentral Government

Finance Act, 2003 Section 162

Amendment of Section 8

~1 min read
https://sooperkanoon.com/act/9388

Bare act section · Research

About this section

Finance Act, 2003 Section 162 is part of Finance Act, 2003 - Amendment of Section 8. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 8 of the Central Sales Tax Act, in sub-section (1), for the portion beginning with the words "shall be liable" and ending with the words "whichever is lower", the following shall be substituted, namely:--

"shall be liable to pay tax under this Act, with effect from such date as may be notified by the Central Government in the Official Gazette for this purpose, which shall be two per cent. of his turnover or at the rate applicable to the sale or purchase of such goods inside the appropriate State under the sales tax law of that State, or, as the case may be, under any enactment of that State imposing value added tax, whichever is lower:

Provided that the rate of tax payable under this sub-section by a dealer shall continue to be four per cent. of his turnover, until the rate of two per cent. takes effect under this sub-section.".

Frequently asked questions

What does Finance Act, 2003 Section 162 provide?

Section Section 162 of the Finance Act, 2003 (Amendment of Section 8) is reproduced on this page as part of the Finance Act, 2003. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 2003 Section 162?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 2003 Section 162. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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