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
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