Cess Current Affairs, GK & News

Agricultural Infrastructure and Development Cess

The Finance Minister of India, Nirmala Sitharaman, announced an agricultural infrastructure and development cess (AIDC) on some goods while presenting Union Budget 2021. AIDC was announced to provide support to those sector that has been one bright spot amid the COVID-19 pandemic. Highlights AIDC will be applied on a small number of items. Under the ..

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42nd GST Council Meet held

On October 5, 2020, Finance Minister Smt Nirmala Sitaraman chaired the 42nd GST Council Meet. Key Highlights The GST Council could not finalize borrowing plans of states to meet the compensation short fall after eight hours of meet. 18% of GST over launch satellite launches exempted. The Indian firms earlier had to pay 18% GST ..

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Nagaland has imposed a COVID-19 Cess on Petroleum

States are starting to target petroleum for revenue. Nagaland recently imposed a cess on petrol and diesel sales. Cess Cess is a type of tax that is charged on a commodity over and above the base tax liability of the tax payer. It is generally imposed when the government needs to raise funds for a ..

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Labour Ministry transfers Cess Funds for the Construction Workers to fight against COVID-19

On March 24, 2020, the Ministry of Labour and Employment transferred funds to the account of construction workers in the backdrop of outbreak of COVID-19. Highlights The Labour Ministry has directed the state governments and Union Territories to transfer Rs 52,000 crores to the accounts of construction workers. Around 3.5 crore workers who were registered ..

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GST Revenue Collection Report for November 2019

According to a report published by the Ministry of Finance, Gross Goods and Services Tax(GST) revenue collected in November was Rs 1,03,492 crore out of which  Central GST (CGST) is around Rs 19,592 crore, State GST (SGST) of Rs 27,144 crore, Integrated GST (IGST) of Rs 49,0287 crore including Rs 20,948 crore collected from imports, ..

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