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25/06/2022 03:45pm

GST compensation cess gets extension till March 2026

image GST compensation cess gets extension till March 2026

New Delhi, June 25 (KNN) The government has announced the extension of goods and services tax (GST) compensation cess till March 2026. 

It was notified on Saturday through a gazette notification by the finance ministry confirming the period of extension.

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Certain good and services had already been extended from the imposition of GST compensation cess until March 2026 to make up for the borrowings and arrears of compensation paid to states in the last two financial years.

The extension has been notified in accordance with the payback plan agreed upon at the GST Council meeting in September 2021. 

States will not receive GST compensation beginning July 1st of this year. Despite the fact that some states have requested an extension, the Centre remains opposed. 

The GST council will meet next week in Chandigarh.  (KNN Bureau)

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