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of <h1>GST Compensation Cess Applies to Imports, Not Exports; Refunds Available for Exported Goods Until July 2022</h1> The Goods and Services Tax (Compensation to States) Act, 2017, mandates a compensation cess to offset states' revenue losses from GST implementation starting July 1, 2017, for five years. This cess applies to imported goods per the Customs Tariff Act, 1975, but not on goods exported under bond or by those opting for composition levy. Exporters can claim refunds on the cess paid for exported goods. Input tax credit for this cess is restricted to paying the cess itself. The cess collection follows the Central and Integrated GST Acts' provisions, applicable to intra- and inter-State supplies, until July 1, 2022.
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