Levy of Compensation Cess extended
The Government has decided to extend the levy and collection of Compensation Cess up to 31st March ‘26 In this regard a Notification No: 01/2022 - Comp.Cess, dt: 24-06-2022 has been issued in terms of the powers vested under sub-section (2) of section 12 read with section 8 of the Goods and Services Tax (Compensation to States) Act, 2017, by notifying new rules called the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 which shall come into force with effect from the 1st day of July, 2022 and will continue till 31st March 2026. GST Compensation Cess is levied by the Goods and Services Tax (Compensation to States) Act 2017. The objective of levying this cess is to compensate the states for the loss of revenue arising due to the implementation of GST on 1st July 2017 for a Transition period of five years or such period as recommended by the GST Council. All taxpayers who are engaged in the supply of selected goods or services other than e...