“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 Circular 27/2024 dated 11-9-2024: Clarification regarding regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, in cases where the exporters had imported certain inputs without payment of integrated taxes and compensation cess. 54th GST Council Meeting...
The government then create the compensation cess to help those states to get tax revenue for them to operate. Cess is the additional levy charged in any types of goods on top of the Goods and Service Tax (GST). The revenue generated from the GST compensation cess will then be credited to...
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 ...
In a federal structure, India's determination to much-needed fiscal reforms has been widely applauded at its face value when she relinquished her previ
Gst on royalty under rcm(25) Gst on post supply discount(21) Section 74 of cgst(18) Three personal hearings under gst law(18) Refund of cess in case of exports on payment of igst(16) Payment of rcm on seniorage charges(16)
These goods as on date are pan masala, tobbaco and tobacco products, coal, aerated waters, motor cars & motor vehicles and any other supplies. • 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 ...
The Central Government has published affluent essential circulars regarding the eradication of double benefits under the VAT and Central Sales Tax (CST) compensation packages which has been duly agreed by the states. Previously compensation has been incurred on the loss of revenue on the implementation...
If you the products you're selling attract Cess, it will be auto-populated in the system. Products that attract Cess are motor cars, coal, solid fuels, aerated waters, pan masala, motor vehicle design to transport people, and tobacco products. Compensation cess applies to interstate sales, in...
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