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...
There were a few additional updates related to the compensation cess under GST so we added them to the article for your reference. This was about the updates in the past month, however, we have received updates regarding the expected changes in GSTR 1 filing process and thus, we shared ...
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 17% Rate of GST 45% GST 450000.00 Total 1450000.90 When Residual Value is considered to be 20% Operating lease arrangement Basic price 1000000.00 Add GST on purchase (ITC eligible) 450000.00 Funding Amount 1450000.00 Processing fees 3.80% 55100.00 Expected Residual Value 20% ...
• GST Compensation Cess is calculated on taxable value. Though it is coined as Cess it is similar to tax. It is independent of IGST, CGST and SGST. • Input Tax Credit availed on GST Compensation Cess can be utilized only towards discharging Output tax liability of Compensation Cess ...
with interest and gets the Bill of Entry reassessed, the refund of IGST on exports won't be considered a violation of sub-rule (10) of rule 96 of CGST Rules. The payment of IGST and compensation cess retroactively corrects the initial exemption, allowing the exporter to claim a refund ...
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...
Is GST cess credit available? GST cess is imposed to compensate states for revenue loss due to GST implementation. This cess is not applicable to exporters and those under the compensation levy. Input tax credit for cess can only be utilized to offset compensation cess liabilities, not for othe...
Though the cess collection by the government was enough to meet the GST compensation requirement, Covid 19 pandemic has put a dent in the revenue collection in the financial year 2021 and it is expected in Financial Year 2022 also. The Finance Minister of West Bengal Amit Mitra has recently ...
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