“GST Compensation Cess”is levied by the Goods and Services Tax (Compensation to States) Act 2017. The object of levying this cess is to compensate the states for the loss of revenue arising due to the implementation of GST on 1st July 2017 for a period of five years or such period as...
GST Council also recommendsformation of a GoM to study the future of compensation cess GST Council recommendsto exempt supply of research and development services by a Government Entity; or a research association, university, college or other institution notified u/s 35 of IncomeTax Act using gover...
Compensation cess rates Time & value of supply (Sec. 12-15) Reverse charge on goods Input Tax Credit (Sec. 16-21) Reverse charge on services Registration (Sec. 22-30) Others Invoices & Accounts (Sec. 31-36) Integrated GSTAct Returns (Sec. 37-48) ...
The government also released new updates on the GST compensation cess to states. At IRIS GST, we had quite a happening month with two important product launches. Happy to announce the launch of IRIS LMS – India’s finest Litigation Management Software, developed by IRIS in collaboration with ...
The tax paid under RCM can be subject to the GST compensation cess. Composition dealers should pay tax at the normal rate rather than the composition rate when releasing their liability under RCM. Additionally, they are ineligible to claim any input tax credit for the tax paid. ...
The 47th GST Council Meeting took place on 28th and 29th June 2022 to address multiple important issues like GST rate changes for an array of goods and services, compensation cess, E-way Bill and E-invoicing changes and so on. Chaired by Union Finance and Corporate Affairs Minister Smt. Nir...
01/2019-Compensation Cess To be published in the Gazette of India Extraordinary Part II Section 3 Sub section i Government of India Ministry of Finance Department of Revenue Notification
The luxury items / sin goods on which compensation cess is leviable and other parts of aircrafts, vessels or automotive sector along with cement and paint from the construction sector have been retained in the 28% tax slab. Some of the significant changes include: 178 entries shifted from 28...
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4. Search for GST sections and sub-sections inside CGST Act, IGST Act, UTGST Act and Compensation Cess Act. 5. Search for CGST Rules inside Central Goods & Services Tax Rules 6. Search inside GST Case Law , Notifications, Circulars, Orders and FAQs ...