Goods and Services Tax : The case examines whether stranded compensation cess credit due to GST reform must be refunded or lapsed, impacting working capita...
Goods and Services Tax : Understand implications of extension of GST Compensation Cess period till 2026 and its impact on state revenues. Analyze distribut...
Goods and Services Tax : The 49th GST Council Meeting took decisions on GST Compensation, Taxation, and Special Composition Scheme. Read an overview of the...
Goods and Services Tax : Government extends GST Compensation Cess levy till 31.03.2026. Learn about the implications and new rules in this important move....
Goods and Services Tax : Changes in Compensation Cess Rate Notification w.r.t. supply of certain goods from January 01, 2022 to align it with HS 2022 Backg...
Goods and Services Tax : The Centre has released all provisional GST compensation for FY 2017-22, with Arunachal Pradesh and Manipur awaiting AG-certified ...
Goods and Services Tax : Explains that GST compensation ended in June 2022 because the Constitution restricted it to a five-year period. The key takeaway i...
Goods and Services Tax : Few States have requested for extension of payment of GST compensation beyond transition period of five years. As per Section 18 o...
Goods and Services Tax : GST compensation to States for loss of revenue arising on account of implementation of GST for a period of five years As per secti...
Goods and Services Tax : Goods and Services Tax was introduced in the country w.e.f. 1st July, 2017 and States were assured for compensation for loss of a...
Goods and Services Tax : Bombay High Court ruled that a manufacturer can claim a refund of compensation cess on raw materials used for goods that are later...
Goods and Services Tax : Goods which are subject to nil rate of cess would be construed as exempt supplies for purposes of formula prescribed Rule 89 (4) o...
Goods and Services Tax : In re Parse Kente Collieries Limited (GST AAR Chhattisgarh) i. Compensation Cess is leviable on the total quantity of raw coal rai...
Goods and Services Tax : G. Sundarrajan Vs Union of India (Madras High Court) The issue under consideration is whether compliance of Goods and Services Tax...
Goods and Services Tax : The notification replaces cess rates with “Nil” across extensive Schedule entries. The key takeaway is the effective withdrawa...
Goods and Services Tax : The Ministry of Finance has reduced the Compensation Cess rate to Nil for several items, effective September 22, 2025, per a new n...
Goods and Services Tax : CBIC exempt Compensation cess on supply of aerated beverages and energy drinks to authorised customers by Unit Run Canteens under ...
Custom Duty : Read Notification No. 27/2024-Customs dated 12th July, 2024, exempting SEZ imports from CGST compensation cess under Customs Tarif...
Goods and Services Tax : CBIC notifies rate changes in Compensation Cess for Pan Masala and Tobacco Products as per 50th GST Council Meeting vide Notificat...
Ministry of Finance today released an amount of ₹40,000 crore to the States and UTs with Legislature under the back-to-back loan facility to meet the shortfall in GST Compensation. Earlier on 15th July, 2021 an amount of ₹75,000 crore was released to the States & UTs with legislature.
INDUSTRY WISE ANALYSIS OF GST RATE NOTIFICATIONS APPLICABLE FROM 1ST OCTOBER 2021 Notification No. 06/2021 – Central Tax (Rate) 1. Works Contract Service for Charitable Organizations – GST @12% would be charged on Works Contract by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of a building owned by an […]
To give effect to Recommendation of 45th GST Council meeting CBIC has issued 22 GST Rate Notifications on 30.09.2021. Notifications amends GST Rate on Services and Goods, Exempts certain services and Goods from GST, notified RCM applicability on supply of mentha oil by unregistered person to registered person and imposed Compensation Cess on Carbonated Beverages […]
CBIC imposes 12% Compensation Cess under GST on Carbonated Beverages of Fruit Drink or Carbonated Beverages with Fruit Juice vide Notification No. 01/2021-Compensation Cess (Rate) Dated: 30thSeptember, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 01/2021-Compensation Cess (Rate) New Delhi, the 30th September, 2021 G.S.R. 710(E). – In exercise of the […]
1.0 Brief Background The GST compensation cess is levied under Section 8 of the GST (Compensation to States) Act, 2017 to compensate the States for any loss of revenue arising on account of implementation of GST for five years. The GST compensation cess is transferred into a non-lapsable Fund known as GST Compensation Fund which […]
Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. This release is in addition to normal GST compensation being released every 2 months out of actual cess collection.
In re Parse Kente Collieries Limited (GST AAR Chhattisgarh) i. Compensation Cess is leviable on the total quantity of raw coal raised/mined and not only on the quantity of washed coal. ii. Coal rejects supplied by a Coal Washery arising out of raw coal raised / mined, will attract NIL rate of Compensation Cess, only […]
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 recommended by […]
Centre releases Rs. 30,000 crore as GST Compensation as well as Rs. 28,000 crore as IGST ad-hoc settlement to the States/UTs. The total amount of compensation released so far for the year 2020-21 is Rs. 70,000 crore. As per the decision of GST Council, back to back loan of Rs. 1,10,208 crore has also been […]
Amendment to Notification No.52/2003-Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 31.03.2022 vide Notification No. 19/2021-Customs dated 30th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 19/2021-Customs Dated: 30th March, 2021 G.S.R. 224(E).—In exercise of the […]
