Cess | India GST

Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs for the FY 2019-20 against cess collection of Rs. 95,444 crores

July 27, 2020 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: Uncategorized - No responses

Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs. […]

GST Tip – 296

August 9, 2017 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: GST Tips - No responses

Section 6.1 of GSTR – 3B, details of payment for GST has to be shown. Amount of Tax Payable, Amount of Tax paid under GST utilizing the ITC and balance amount in cash has to be shown along with interest and late if any payable for CGST, SGST, UTGST, IGST and Cess.

GST Tip – 217

May 22, 2017 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: GST Tips - No responses

As per the Determination of Value Supply Rules, Open Market Value has to be considered for some transactions and OMV is “open market value” of a supply of goods or services or both means the full value in money, excluding the integrated tax, central tax, State tax, Union territory tax and the cess payable by a person […]

GST Tip – 185

April 20, 2017 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: GST Tips - No responses

As per CGST Act, all taxes, levies, and charges collected from the buyer should be part of the valuation except for the taxes under GST (SGST UTGST & Cess), if buyer and seller are not related parties.

GST Tip – 183

April 18, 2017 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: GST Tips - No responses

The tax rate for Cess under GST as part of the Goods and Services Tax (Compensation to States) Act, 2017, starts from 15% to 190% in case of sin goods on ad valorem basis and in the case of goods, it is on per ton basis like coal, peat etc at the rate of Rs 400 […]

GST Tip – 182

April 16, 2017 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: GST Tips - No responses

Input tax credit for cess being levied under Goods and Services Tax (Compensation to States) Act, 2017, is eligible only for the making the output tax liability of the Cess under the same act and not for payment of any other taxes output liability under GST.

GST Tip – 181

April 16, 2017 - Posted by: CMA Bhogavalli Mallikarjuna Gupta - In category: GST Tips - No responses

Under the Goods and Services Tax (Compensation to States) Act, 2017, Cess will be levied on all interstate and intra-state transactions on the supply of goods and service notified by the GST council from time to time. Cess is not applicable to be paid by persons who have opted for registration under composition scheme.