No Cess on OEM Inventory Stock Transfers: GST 2.0 Is About Price Reduction
Why was the cess paid initially?
Tag: GST Compensation Cess
Opposition-ruled states meet ahead of GST Council, seek compensation to approve reform agenda
New Delhi, Finance ministers of opposition-ruled states on Wednesday met ahead of the crucial GST Council meeting, and decided to seek compensation for revenue loss incurred by all states following the implementation of GST rate rejig.
GST: Karnataka CM Siddaramaiah bats for higher cess on tobacco products, luxe cars
Karnataka Chief Minister Siddaramaiah on Sunday urged the Centre to increase the cess on items such as cigarette, pan masala, gukta, and luxury cars and use it to compensate the states for the revenue shortfall arising from the proposed cut in GST rates reiterating his earlier demand.
GST Council meet likely to discuss ending compensation cess by October 31
The Goods and Services Tax Council, which meets September 3–4, is likely to deliberate ending the compensation cess by October 31, ahead of the deadline, as loans raised during the pandemic years approach full repayment, government sources said.
Telangana Dy CM Bhatti backs GST reforms but seeks proper compensation mechanism
Deputy Chief Minister Mallu Bhatti Vikramarka said that the proposal of rate rationalisation and reduction of tax burden is always welcome, but at the same time, it must be balanced by ensuring that the revenues of the states are protected.
GoM yet to decide post-compensation cess alternative, says Punjab minister
The Group of Ministers on goods and services tax compensation cess held their first ever meeting Wednesday and after deliberations, could not arrive at at any meaningful alternative to compensation cess once its levy ends.
Refund of Compensation-Cess on coal used for manufacturing of goods, exported on payment of IGST but, no cess charged on exported goods
The Hon’ble Gujarat High Court in Atul Limited & Anr held that refund of unutilised compensation cess on coal used in the manufacture of exported goods is admissible, even where IGST was paid on such exports.
Hyundai India Gets Rs 517.34 Cr Tax With Penalty Demand From GST Authority, Here’s Why
Hyundai Motor India Ltd on Tuesday said it has received a demand of Rs 517.34 crore from tax authorities, along with penalty, for alleged short payment of GST compensation cess on its certain SUV models.
Centre, states near deal to merge GST compensation cess into tax regime
The Centre and states are close to reaching an agreement on folding the GST compensation cess into the broader Goods and Services Tax (GST) framework, Mint reported. A consensus is also emerging on sharing the surplus cess collections between the Centre and the states.
All eyes on upcoming GST Meeting: Nomura hints 12% slab may go – Price drop for ACs, tractors & insurance?
Recent reports in the media and the buzz in the market indicate that the GST Council meeting is likely in the next two weeks. Rate rationalisation is one of the key agendas. Despite multiple rounds of discussions, from the 45th GST Council meeting in 2021 to the recent 55th meeting in December 2024, a consensus on it has remained elusive.