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of <h1>GST Compensation Cess Imposed to Offset State Revenue Losses; Excludes Composition Levy Supplies Under CGST Act Section 8</h1> Section 8 of the Draft Goods and Services Tax (Compensation to the States for Loss of Revenue) Act, 2016, mandates the imposition and collection of a GST Compensation Cess. This cess, capped at a rate to be notified, is levied on the value of goods and services as determined under section 15 of the CGST Act, 2016, including imports and reverse charge supplies. It aims to compensate states for revenue losses due to GST implementation for five years from the commencement of the CGST Act. The cess does not apply to supplies by those opting for the composition levy under section 8 of the CGST Act, 2016.
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