https://www.taxtmi.com/article/detailed?id=7105 GST compensation cess is a distinct levy on the value of taxable supplies, with rate and ceiling set by notification, applied to supplies including those on which tax is payable on reverse charge, and excluded for composition taxpayers. Proceeds are credited to a dedicated GST Compensation Fund to pay States; CGST and IGST procedural and enforcement provisions apply mutatis mutandis. Compensation is calculated using a prescribed base year revenue, a projected nominal growth rate, quarterly provisional releases with annual audited reconciliation, and adjustment and refund mechanisms for overpayments, with specified disposal of unutilized balances after the transition period. en-us Thu, 01 Dec 2016 06:59:30 +0530 Thu, 01 Dec 2016 06:59:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7105 GST compensation cess is a distinct levy on the value of taxable supplies, with rate and ceiling set by notification, applied to supplies including those on which tax is payable on reverse charge, and excluded for composition taxpayers. Proceeds are credited to a dedicated GST Compensation Fund to pay States; CGST and IGST procedural and enforcement provisions apply mutatis mutandis. Compensation is calculated using a prescribed base year revenue, a projected nominal growth rate, quarterly provisional releases with annual audited reconciliation, and adjustment and refund mechanisms for overpayments, with specified disposal of unutilized balances after the transition period. Articles Goods and Services Tax - GST Thu, 01 Dec 2016 06:59:30 +0530 https://www.taxtmi.com/article/detailed?id=7105