GST Compensation Cess Current Affairs, GK & News

Extension of GST Compensation Cess

Central government has extended the time to levy GST compensation cess, till March 31, 2022. Highlights Time to levy GST compensation cess has been extended by around 4 years. Thus, according to Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, compensation cess will continue to be levied from July 1, 2022 ..

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Centre releases ₹40,000 crore as GST compensation

Central government released an amount of Rs 40,000 crore on October 7, 2021 to states and union territories (UTs) with legislature. Highlights The amount was released under back-to-back loan facility for meeting the shortfall in GST compensation. Amount was released in addition to normal GST compensation which is being released every two months out of actual cess ..

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Lok Sabha passes GST (Compensation to States) Amendment Bill, 2017

The Lok Sabha has passed the Goods and Services Tax (Compensation to States) Amendment Bill, 2017. The Bill amends the GST (Compensation to States) Act, 2017 and replaces an Ordinance promulgated in September 2017. The amendment bill increases maximum rate at which Compensation Cess can be levied from 15 to 25% on motor vehicle for ..

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