It is not taken from the compensation cess but from the Consolidated Fund of India, a report from Economic Times confirmed. The government has also extended the validity of all the e-way bills till April 30, which were customary to expire between March 20 and April 15. Indeed a big relief...
What is GST Compensation Cess? | Economics | Mains Paper 3: Indian Economy Note4Students From UPSC perspective, the following things are important : Prelims level: GST Compensation Cess Mains level: Success and limitations of the GST regime The Centre has extended the time for levy of GST c...
The 47th GST Council Meeting is anticipated to take place in the month of May to address multiple important issues like GST rate changes for an array of goods, compensation cess, and so on. Modifications to the GST tax slabs are also expected to be discussed. The upcoming GST Council Meetin...
Business Central has included GST Compensation Cess feature to Indian Localization. “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 implemen...
The GST Council also decided that all multi-utility vehicles (MUVs), whether they are sports utility vehicles (SUVs) or crossover utility vehicles (XUVs), will have to pay a 22 per cent compensation cess over and above the 28 per cent GST rate. ...
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% ...
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...
The Andhra Pradesh High Court has held that no exemption from payment of compensation cess under the Goods and Services Tax (GST) is available on import of goods by units in Special Economic Zones (SEZs). This decision was taken in the case of Maithan Alloys which was engaged in the ...
inventory, CRM, accounting, or HR & payroll, you will get all the required information at Deskera. With the help of Deskera’s blogs, you can easily get a better understanding of various business topics such asAll about GST Compensation Cess,Understanding HSN Codes & SAC Codes Under India GS...
This payment was funded through a "Compensation Cess” that is levied on demerit goods. What is the shortfall arising in GST Compensation Cess Collection? Revenues from the imposition of cess started declining in August 2019. As a result, the payment of GST compensation to states became a ...