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COMPENSATION CESS REPORT
Compensation cess accumulated in auto companies books to lapse on September 22: OfficialAuto companies face a potential loss of Rs 2,500 crore as the compensation cess on automobiles is set to lapse on September 22 with the new...- GST Council retains 28% tax and cess on tobacco, sin goodsThe Union finance minister will decide on the date when the new tax rate for these items will be applicable. Currently, such products attra...
- GST council to meet soon to discuss rate rationalisation, compensation cess futureThe Goods and Services Tax Council is expected to convene shortly in New Delhi. Discussions will focus on simplifying tax rates and rationa...
- Smokey Affair: GST on cigarettes, tobacco products may be raisedIndia is considering raising the GST on cigarettes and tobacco products to 40% and adding an additional excise duty after compensation cess...
- Cigarette stocks ITC, Godfrey Phillips, VST down up to 4%. Here's whyFollowing the news, VST Industries shares fell 4% to day's low of Rs 287.20, Godfrey Phillips stock fell about 4% while ITC fell over 2% to...
- No cause for concern over sufficiency of GST cess fund: Finance MinistryThe finance ministry assures there is no concern regarding the sufficiency of the GST compensation cess fund. It is on track to meet all ob...
- Compensation cess: GoM may seek more time to submit reportA group of ministers (GoM) will likely request the GST Council to extend the December 31 deadline for their report on compensation cess by ...
- GST Compensation Cess Future: Group of Ministers proposes merger with taxesThe GoM on GST discussed merging compensation cess with GST. States suggested no new items should be added during this transition. Compensa...
- GST Council meet to discuss rate rationalisation on September 9, final decision later: FMFinance Minister Nirmala Sitharaman announced that the upcoming GST council meeting will address the rationalisation of tax rates, includin...
- GST Council to discuss on apportioning, renaming compensation cess beyond March 2026The GST Council will discuss the future of the compensation cess on luxury and demerit goods collected to repay loans taken by the Indian g...
- ITC shares fall as GST Council rejects tobacco industry's proposal to reconsider compensation cessThe tobacco industry had sought "uniform additional compensation cess on cigarettes, compensation cess on bidis, additional compensation ce...
- Centre amends finance bill to change taxation on tobacco, pan masalaThe centre on Friday proposed an amendment in the Schedule of the GST (Compensation to States) Act, 2017in the finance bill which capped th...
- Drop in GST revenues: Bommai says he’s confident GST council will extend compensationKarnataka has been on the forefront among the states in seeking an extension of GST compensation on grounds that its tax revenues have not ...
- Opposition-ruled states demand extension of GST compensation regime beyond June 2022The Centre has estimated the shortfall in GST compensation payable to states in the current fiscal year at Rs 2.59 lakh crore, of which abo...
- Temporary retention of GST compensation in the Consolidated Fund isn't diversion: FinMin Sources"In all earnest there has been no diversion of funds... the time taken in reconciliation of compensation receipts can’t be termed as divers...
- Centre 'betrayed' states by transferring compensation cess to CFI, alleges SiddaramaiahPointing out that the cess collected was non-lapsable, which means it should be carried over to the next financial year, the former chief m...
- Centre used GST funds elsewhere, violated the law: Comptroller Auditor General“Audit examination of information in Statements 8, 9 and 13 with regard to collection of the cess and its transfer to the GST Compensation ...
- 41st GST Council meet: Covid makes for grim backdrop as battle brews over revenue sharingThe Council’s 41st meeting on August 27 would discuss a single matter: compensation to states for revenue losses under the indirect tax reg...
- States should not be made to bear the burden of borrowing: Punjab FM Manpreet Badal“States should not be made to bear the burden of borrowing, which in any case is likely to be higher than the rate at which the central gov...
- GST Council can take call on borrowing from market to compensate states: Attorney GeneralUnder the GST framework, any decision on compensation and how it needs to be provided rests with the council, according to a person familia...
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