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GST CESS FUND
Government notifies GST compensation cess extension to March 2026GST Compensation Cess is levied by the Goods and Services Tax (Compensation to States) Act 2017. The object of levying this cess is to comp...26 Jun, 2022, 07.30 AM IST- 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...26 Sep, 2020, 06.03 PM IST
- 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...26 Sep, 2020, 02.33 PM IST
- 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 ...25 Sep, 2020, 07.17 PM IST
- GST compensation cess states revenue, Centre can't borrow against it: FinMin sourcesThe revenue accruing from GST compensation cess goes to the states and the Centre cannot borrow on the security of the tax which it does no...07 Sep, 2020, 11.14 PM IST
- GST Council extending cess levy beyond 5 years would worry business: ExpertsDeloitte India Partner M S Mani said any decision to extend the cess beyond five years in order to fund the present compensation deficit co...27 Aug, 2020, 10.21 PM IST
- 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...31 Jul, 2020, 03.52 PM IST
- States may have to borrow as AG says Centre not obligated to pay for GST compensation shortfallSources said the AG in his view has said there is no obligation on the central government to pay the GST compensation shortfall from its co...30 Jul, 2020, 07.15 PM IST
- Group of ministers says GST Council to seek states' views on 'disaster tax'"The GoM has decided that the GST Council will prepare a questionnaire and send to states for response..Out of the terms of reference of th...15 Oct, 2018, 11.45 PM IST
- Group of ministers not in favour of sugar cess, moots lowering of GST on ethanol to 12%The proceeds from the levy, estimated at Rs 6,700 crore, would flow into a separate fund to be utilised for interventions in the sugar sect...11 Jul, 2018, 03.28 PM IST
- One year of GST: Should the government consider levying a sugar cessThe objective of a sugar cess can be the centre's way to help the distressed farmers.01 Jul, 2018, 12.56 PM IST
- Sugar cess under GST: GoM to seek opinion from Law and Food MinistryThe Group of Ministers (GoM) was constituted on May 4 to look into the feasibility of implementing the food ministry proposal of levying ce...14 May, 2018, 11.05 PM IST
- Rs 20,000 crore surplus in GST compensation cess fund as of end-MarchIn the last fiscal, the government collected Rs 62,021 crore as cess on sin and luxury goods. This amount will make up for the compensation...27 Apr, 2018, 04.26 PM IST
- Cess to yield Rs 55,000 crore in first 9 months of GST rolloutThe amount to be raised through cess on coal as well as luxury items and sin goods will be used for compensating states for revenue shortfa...29 May, 2017, 03.39 PM IST
- GST council clears up to 15 per cent cess on luxury carsWhile the exact cess would be decided by the GST council when the rates are finalised, FM said that the states and the Centre had given the...18 Mar, 2017, 10.20 AM IST
- Tax department to calculate GST's impact on inflationThis is being done to minimise price rise once the new indirect tax regime is rolled out, officials said.17 Mar, 2017, 09.39 PM IST
- Cess may be scrapped on way to GSTThe government may end the practice of using cess as means of raising funds for specific purposes as it reforms the country's indirect tax ...09 Nov, 2009, 04.57 AM IST
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