The GST (Compensation to States) Amendment Bill, 2017 had been passed by the lower house, after so many controversial issues raised by the Union Minister Anant Kumar Hegde on secularism and the Constitution. It seems that the new bill replaces the regulation that was passed in the month of ...
01/2023-Compensation Cess 08/2025-Union Territory Tax (Rate) 07/2025-Union Territory Tax (Rate) 06/2025-Union Territory Tax (Rate) 05/2025-Union Territory Tax (Rate) GST Orders Procedure to be followed in department appeal filed against interest and/or penalty only, related to Section 128A...
Updated on: 17-12-2024 CGST Act Goods & Service Rate Levy & Collection (Sec. 1-11) Tax & Compensation cess rates Time & value of supply (Sec. 12-15) Reverse charge on goods Input Tax Credit (Sec. 16-21) Reverse charge on
Recently, on June 28 and June 29, 2022, the GST Council held the much talked about 47th GST council meeting and have made several big changes in terms of compensation cess, rate changes, and also decisions pertaining to ease the compliance for taxpayers. In June, taxpayers faced several issu...
Under the new tax structure, vehicles that meet all three determined commonly associated SUV conditions, namely an engine capacity exceeding 1,500cc, a length exceeding 4,000 mm, and a ground clearance of 170 mm or higher, are eligible for a higher compensation cess rate of 22 per cent. Ma...
Setting Up GST Compensation Cess Below is the list of setups, that will be pre-configured with the help of Tax Engine Tax Types Component Rate Setup Attributes For more information about Automatic Setup, seeTax Engineinformation. Below is the list of setups, that are required to be configured...
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...
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...
Find more about the GST Cess rateshere. How to calculate Compensation Cess? For example, Company ABC supplies two cars that are worth Rs. 200,000 each to T&T Company in the same state, Karnataka. The cess rate is 1%, and the GST rate applicable to motor cars is 28%. ...
(if packaged).Caramel popcorn: 18% GST (classified as sugar confectionery). Fly Ash AAC Blocks 50%, classified under HS 6815, attracting 12% GST. Notification No. 03/2023-Compensation Cess (Rate) dated 26.07.2023, the 22% Compensation Cess applies to all utility vehicles with engine >1500...