The Provisional Collection of Taxes Act, 2023, published on 29th December, repeals and replaces The Provisional Collection of Taxes Act, 1931, but retains the same provisions.

The Act provides for the immediate effect of the imposition or increase of a duty of customs or excise, whenever the Bill providing for such imposition or increase is accompanied by a declaration by the Central Government that it is expedient in the public interest.

Such declared provisions shall cease to have effect, if the Bill introducing such provisions is not enacted within 75 days, or through a notification by the Central Government, or immediately upon enactment of the Bill with or without amendment.

The Act also provides for refunds, when the Bill is enacted in an amended form, and when the declared provision ceases to have effect through Central Government's notification, or after 75 days of introduction of the Bill.

You can download the Act text here.

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