Under GST what is the latest position on cess, which goods and services attract cess? What is the rate of cess?
Venkat Hegde (CA) (86 Points)
06 July 2017Under GST what is the latest position on cess, which goods and services attract cess? What is the rate of cess?
E.KALAIKOVAN
(Sr. Accounts Manager )
(339 Points)
Replied 06 July 2017
CESS in Indirect Tax
01. No SBC and KKC in GST
CESS in Direct Tax
01. EC and HSEC - in income Tax
Venkat Hegde
(CA)
(86 Points)
Replied 06 July 2017
Thanks for the reply.
Under GST, I can see Compensation Cess on certain goods and services. Any idea on this? what is the latest position, is it applicable on all goods and services?
E.KALAIKOVAN
(Sr. Accounts Manager )
(339 Points)
Replied 06 July 2017
GST approved only four Rates 5%, 12%, 18% and 28%. The colection are shared by the State and Central Govt 50% and 50%
To avoid the short fall collection compensation cess is introduced in few products. They are Pan Masala, Tobacco, Coal, Aerated Water, Few vehicles
Venkat Hegde
(CA)
(86 Points)
Replied 06 July 2017
Thank you sir.
Hope, there will not be any addition to this list of few goods, at least this year.
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