Tax Laws (Amendment) Act, 2024

INTRODUCED IN THE NATIONAL ASSEMBLY]ABILLfurther to amend certain tax lawsWHEREAS, it is expedient further to amend certain tax laws, in the manner and for the purposes hereinafter appearing;It is hereby enacted as follows:-1. Short title and commencement.- (1) This Act shall be called the Tax Laws (Amendment) Act, 2024.(2) It shall, unless provided otherwise, come into force at once.2. Amendments of Sales Tax Act, 1990.- (1) In the Sales Tax Act, 1990, the following further amendments shall be made, namely:-(1) in section 8B, in sub-section (4), after the full stop at the end, the following shall be added, namely:-“In order to limit input tax allowance, the Board may also use data based automated risk management system to defer certain input tax or fix higher or lower limits of input tax adjustment:Provided that the registered person may contest the action taken under this sub-section by filing application and documents with the Commissioner concerned, who shall decide the case within sixty days of such application.”.(2) after section 14AB, the following new sections shall be inserted, namely:-“14AC. Bar on operations of Bank Accounts.- (1) Notwithstanding anything contained in this Act or any other law for the time being in force, the Commissioner shall have the powers to direct banking companies, scheduled banks and other financial institutions, through an order in writing, to bar operation of the bank account of any person who fails to get registered for the purposes of this Act.(2) Notwithstanding anything contained in sub-section (1) upon registration of such person, the Commissioner shall issue and convey order for removal of bar on operation of his bank accounts not later than two working days.(3) Any person, aggrieved by any decision or order passed under sub-section (1), may within thirty days of the date of receipt of such decision or order prefer an appeal before the Chief Commissioner Inland Revenue.(4) The provisions of this section shall come into force on such date as the Board may by notification in the official Gazette appoint.“14AD. Bar on transfer of Immoveable Property.- (1) Notwithstanding anything contained in this Act or any…