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Extension of compensation cess

WebMay 26, 2024 · Extension of compensation cess and extending the period of GST compensation are two different matters, the official said. An extension in the compensation period for states would require a constitutional amendment. Currently the revenue assurance in the Constitution does not prescribe the funding route, i.e.: it makes … WebJun 27, 2024 · The levy of cess was scheduled to end on June 30, 2024. However, GST Council decided to extend it further. This decision was taken for repaying the loans taken …

GST Compensation Cess : Rates List, Applicability & Calculation

WebJun 25, 2024 · The GST levy extension will also help in paying Compensation to states due for the month of May and June 2024, according to sources. The levy of GST compensation cess on certain goods and services had already got an extension till March 2026 to make up for the borrowings and arrears of compensation paid to states over … WebSep 27, 2024 · “The extension of compensation cess levy upto March 2026 is expected to impact consumers as the same will be recovered from them,” said Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. Sitharaman added that a detailed presentation was made on revenue position, generation aspects and correction of inversion duty, since … new tellurides suv incentive program https://myfoodvalley.com

GST Compensation - Drishti IAS

WebOct 5, 2024 · Though the time till which the cess will continue to be levied has not been fixed, it could be extended to 2 years beyond 2024. The Goods and Services Tax (GST) … WebAug 29, 2024 · The extension of compensation cess fund beyond the transition period of five years would affect the revenue potential of the central government from June 2024 because in the absence of the fund ... WebExtension of levy of Compensation Cess – As stated above, the levy of Compensation Cess is effective for five years from the implementation of GST. Accordingly, the levy of … new tellurides suv incentives 2019

Compensation-cess extension inevitable The Financial …

Category:States demand extension of GST compensation for another 5 years

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Extension of compensation cess

GST Council Meeting: Some States To Push For Extension Of GST ...

WebDec 4, 2024 · Key Points. Revenue Status: The government budgeted for ₹6,63,343 crore in GST collections for the current financial year 2024-20, out of which it has collected only about 50% in the first eight months. It targeted ₹1,09,343 crore of compensation cess collections, of which it has so far collected ₹64,528 crores. Compensation Status. WebFeb 18, 2024 · compensation cess levied on such commodities to be changed from ad valorem to specific tax based levy to boost the first stage collection of the revenue . ...

Extension of compensation cess

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WebJun 25, 2024 · The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. As per the Goods and Services Tax (Period of Levy … WebDec 30, 2024 · Rajasthan Education Minister Subhash Garg said extension of compensation cess window till 2026-27 is a valid demand of states and the Centre should consider it. He also demanded reduction in import duty on gold and silver from 10 per cent to 4 per cent. "Our most significant demand is that the Centre's share in centrally …

WebJan 4, 2024 · The Centre clarified that this sum was in addition to normal GST compensation “being released every 2 months out of actual cess collections” that is estimated to exceed ₹1 lakh crore. “The ...

WebMar 14, 2024 · Many states have requested extension of the compensation mechanism under the GST beyond June 2024, Finance Minister Nirmala Sitharaman said on Monday.Under the Goods and Services Tax (GST) law, states were guaranteed to be compensated bi-monthly. ... The compensation cess, levied on luxury and demerit … WebMar 9, 2024 · Union Finance Minister Nirmala Sitharaman on Wednesday said the GST compensation cess period has already been extended till March 2026 to enable the Centre to repay loans taken to compensate all states for the year 2024. During an interaction with reporters, she said, "It's not just for me to take a call. It's for the GST council to …

WebMar 24, 2024 · The modalities of the compensation cess were specified by the GST (Compensation to States) Act, 2024. This Act assumed that the GST revenue of each State would grow at 14% every year, from the amount collected in 2015-16, through all taxes subsumed by the GST. A State that had collected tax less than this amount in any year …

WebFor the first five years ending in 2024, the states are guaranteed compensation for any revenue shortfall that falls below 14 per cent growth (the base year 2015-16). The Centre pays GST compensation to states every two months from the Compensation Cess. The GST (Compensation to States) Act of 2024 established the compensation cess. mid valley nursing and rehabilitationWebApr 29, 2024 · Sambad English Bureau Published On : Apr 29, 2024 at 1:08 PM. New Delhi: The much-awaited 47th Goods and Services Tax (GST) Council meeting, with its focus on GST rate restructuring and extension of GST compensation cess, will now possibly be held in the first week of May, once the Union Finance Minister Nirmala Sitharaman … new tellybergWebJun 26, 2024 · Government notifies GST compensation cess extension to March 2026 (File photo) NEW DELHI: The notification extending the levy of GST compensation … new tellurides suv incentive