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Extension of compensation cess

WebSep 17, 2024 · Accordingly, the compensation cess was to be levied for a period of five years after introduction of GST; the period for the levy of the cess, as it exists now, is till … Web6 hours ago · ROC Compliance Calendar for the due dates falling in the year 2024-24 (Due dates for ROC Filing forms FY 2024-23) Companies and LLPs registered in India are required to comply with ROC Annual Filing under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 respectively. ROC filing shall be done annually or at the …

GST Council: No GST on petrol, diesel yet, compensation cess till …

WebApr 11, 2024 · Amendments made in the Schedule to the Goods and Services Tax (Compensation to States) Act, 2024 by section 163 of the Finance Act, 2024 have been brought into force w.e.f. 01.04.2024 vide Notification No. 01/2024-Compensation Cess dt. 31.03.2024. The Schedule has been amended to revise the maximum rate at which GST … WebJun 28, 2024 · To repay the liquidity support given to state governments during the Covid-19 period, India’s federal government has extended the timeline for GST compensation … taste room桂 https://daisyscentscandles.com

Government extends levy of GST Compensation Cess till 31 …

WebAug 29, 2024 · The extension of compensation cess fund beyond the transition period of five years would affect the revenue potential of the central government from June 2024 because in the absence of the fund ... WebJan 5, 2024 · Finance Ministers of several States have demanded that the GST compensation scheme be extended beyond June 2024. ... This corpus is funded through a compensation cess that is levied on so-called ‘demerit’ goods. The items are pan masala, cigarettes and tobacco products, aerated water, caffeinated beverages, coal and certain … WebSep 27, 2024 · “The extension of compensation cess levy upto March 2026 is expected to impact consumers as the same will be recovered from them,” said Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. Sitharaman added that a detailed presentation was made on revenue position, generation aspects and correction of inversion duty, since … brid\\u0027oison

GST compensation cess on luxury items extended - Times of India

Category:GST compensation - INSIGHTSIAS

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Extension of compensation cess

Extension of time limit for application for revocation of …

WebExtension of time limit for application for revocation of cancellation of registration - (02/2024) FD 20 CSL 2024 - Karnataka SGST. x x x x x Extracts x x x x x . ... Compensation Cess GST. GST Compensation Act, 2024; Compensation Cess Rules, 2024; Cess Notifications; Cess (Rate) Notifications; WebMar 31, 2024 · 02/2024-Compensation Cess (Rate)-Seeks to further amend notification No. 1/2024-Compensation Cess (Rate), dated 28th June, 2024. English हिन्दी ... 09/2024-Central Tax-Extension of limitation under Section 168A of CGST Act.

Extension of compensation cess

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WebMay 26, 2024 · Extension of compensation cess and extending the period of GST compensation are two different matters, the official said. An extension in the compensation period for states would require a constitutional amendment. Currently the revenue assurance in the Constitution does not prescribe the funding route, i.e.: it makes … WebApr 13, 2024 · Notified Compensation Cess based on Retail Sale Price on Pan Masala and Tobacoo Products.. Extension of time limit specified u/s 73(10) for issue of order u/s 73(9).. GSTR-10 Amnesty Scheme till 30 June 2024...

WebJun 26, 2024 · "The extension of the levy of compensation cess, although expected, will continue to impose a burden on the impacted businesses, especially sectors like automotive, which need to be encouraged as ... WebJun 25, 2024 · “The current extension of GST compensation cess up to March 31, 2026, cannot be said to be settling the issue of GST compensation between the Centre and …

WebFeb 18, 2024 · compensation cess levied on such commodities to be changed from ad valorem to specific tax based levy to boost the first stage collection of the revenue . ... WebAug 28, 2024 · The AG has suggested the compensation cess levy can be extended beyond five years to meet the shortfall, Finance Secretary Ajay Bhushan Pandey said. State Finance Ministers, barring a few including those of Assam and Goa, pressed for borrowing by the Centre to bridge the revenue gap. Towards the end of the meeting, the Centre …

WebDec 4, 2024 · Key Points. Revenue Status: The government budgeted for ₹6,63,343 crore in GST collections for the current financial year 2024-20, out of which it has collected only about 50% in the first eight months. It targeted ₹1,09,343 crore of compensation cess collections, of which it has so far collected ₹64,528 crores. Compensation Status.

WebJan 4, 2024 · The Centre clarified that this sum was in addition to normal GST compensation “being released every 2 months out of actual cess collections” that is estimated to exceed ₹1 lakh crore. “The ... tasteslikevegemiteWebApr 29, 2024 · Sambad English Bureau Published On : Apr 29, 2024 at 1:08 PM. New Delhi: The much-awaited 47th Goods and Services Tax (GST) Council meeting, with its focus on GST rate restructuring and extension of GST compensation cess, will now possibly be held in the first week of May, once the Union Finance Minister Nirmala Sitharaman … bri drakeMany states have demanded that the GST compensation cess regime be extended for another five years. Also, states have demanded that the share of the Union government in the centrally-sponsored schemes should be raised. 1. These demands are made as Covid-19 pandemic has impacted their revenues. 2. … See more tastes like music