GST - Compensation to the States for Loss of Revenue - Draft - Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 - [November 2016]
GST - Compensation to the States for Loss of Revenue - Draft - Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016 - [November 2016]
GST compensation cess imposed on taxable supplies and imports to fund state revenue compensation; composition dealers excluded. A GST Compensation Cess is to be levied on the value of specified supplies determined under section 15 of the CGST Act, including imports and supplies on ... Summary
GST compensation cess imposed on taxable supplies and imports to fund state revenue compensation; composition dealers excluded.
A GST Compensation Cess is to be levied on the value of specified supplies determined under section 15 of the CGST Act, including imports and supplies on which tax is payable on reverse charge, at rates to be notified on Council recommendation, to provide compensation to States for revenue loss arising from GST implementation; supplies by persons permitted to opt for the composition levy under section 8 of the CGST Act are exempt from this cess.
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