One of client has purchased car worth Rs. 867000. In invoice along with CGST AND SGST, they have also charged C CESS @ 17%.
On GST PORTAL, Company has given credit of cgst, sgst and also c cess.
so what is c cess? Nd can I claim refund for it?
what is the entry for c cess in tally ?
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Regarding C cess
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Quick Summary
It is compensation cess levied on certain class of goods under GST. For more, read: https://cleartax.in/s/gst-compensation-cess.
Accounting treatment for comp cess would be similar to that for CGST & SGST.
GST Compensation Cess is levied by the Goods and Services Tax (Compensation to States) Act 2017. The object of levying this cess is to compensate the states for the loss of revenue arising due to the implementation of GST on 1st July 2017 for a period of five years or such period as recommended by the GST Council.
C cess will comes under cess ledger and same as GST journal
C cess will comes under cess ledger and same as GST journal
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