“regulations” means the regulations made by the Board under this Act on the recommendations of the Council;
The Central Board of Excise and Customs* constituted under the Central Boards of Revenue Act, 1963 (“Board”) is empowered to make regulations consistent with the Act and the rules made under the Act, to carry out the provisions of the Act.
Every regulation made by the Board under the Act would be laid after it is made or issued, before each House of Parliament, while it is in session, at the earliest. Where both Houses agree in making any modification, or that the regulation should not be made, the regulation shall have effect only in such modified form or be of no effect from such date (i.e., no retrospective effect of the modifications/ rejection by the Houses of the Parliament).
*Note: The name of the Board may be altered to ‘Central Board of Indirect Taxes.