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  • DAILY CURRENT AFFAIRS:Govt extends GST Compensation cess levy till March 2026

Govt extends GST Compensation cess levy till March 2026

Tags: Economy/Finance

The Union Finance Ministry on 25 June 2022 has notified the extension of the levy of GST (Goods and Service Tax) compensation cess by nearly 4 years till March 31, 2026. The levy of the cess was to end on June 30, 2022.

  • As per the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, the compensation cess will continue to be levied from July 1, 2022 to March 31, 2026.
  • The levy of cess has been extended to repay the loans taken in the last two fiscal years by the government to make up for the shortfall in their revenue collection.
  • When the GST was implemented in India on 1 July 2017, the state governments were assured that they will be compensated by the central government for the potential revenue loss in the transition phase for a period of five years.
  • To compensate the state, cess were levied on certain luxury and demerit goods.  Though the state government protected revenue has been growing at 14 percent compounded growth rate, the cess collection did not increase in the same proportion and covid-19 pandemic further reduced the cess collection.
  • To compensate the state government during covid pandemic time, the central government decided to borrow from the market.
  • The Centre has borrowed and released Rs 1.1 lakh crore in 2020-21 and Rs 1.59 lakh crore in 2021-22 to meet a part of the shortfall in cess collection.
  • The Centre has repaid Rs 7,500 crore as interest cost for the borrowing in 2021-22 and Rs 14,000 crore is to be paid this fiscal year. From 2023-24, the repayment of principal amount will start which will continue till March 2026.
  • To fund the loan repayment and help the state, the government has decided to continue to levy the compensation cess on luxury and demerit goods, like tobacco, cigarettes, hookah, aerated waters, high-end motorcycles, aircraft, yacht and motor vehicles.

GST is an Indirect tax system which has replaced many central and state government Indirect tax.

Cess : It is also called as  tax on tax . It is an extra tax which is levied on existing taxes. 

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