What is Compensation Cess Under GST | All About GST Compensation Cess
Compensation cess under GST was levied by the Goods and Services Tax (Compensation to States) Act 2017 with the objective of compensating the states for the loss of revenue arising due to the implementation of GST. The same was leviable on certain goods for a five-year period beginning 1st July 2017, on recommendation by the GST Council.
In this video, we will explain all about the compensation cess under the GST law, the type of goods that compensation cess is levied on, the utilisation of input tax credit relating to compensation cess, and more.
To read more about compensation cess under GST, you can refer to this article: https://cleartax.in/s/gst-compensatio...
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The video covers the following:
00:00 Introduction
00:50 What is compensation cess?
01:28 Who is required to collect compensation cess?
01:55 What goods are covered under compensation cess?
02:43 How to calculate compensation cess?
03:08 How can input tax credit on compensation cess be utilised?
03:25 How is compensation cess distributed to the states?
04:29 Clear GST
05:30 Closing
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