Seeks to bring into force the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022
Notification on GST Compensation Cess Rules 2022
The Government of India, through the Ministry of Finance's Department of Revenue, issued Notification No. 1/2022 concerning the Goods and Services Tax (GST) Compensation Cess. This notification, dated June 24, 2022, is made under the authority of sub-section (2) of section 12 and section 8 of the Goods and Services Tax (Compensation to States) Act, 2017. The notification establishes the "Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022." These rules are set to take effect from July 1, 2022.
According to the notification, the period for the levy and collection of the GST Compensation Cess under sub-section (1) of section 8 of the Act will continue until March 31, 2026. This extension allows for the continued collection of the cess, which is meant to compensate states for any revenue loss due to the implementation of GST. The notification is signed by Mahendra Nath, Under Secretary, with reference number F. No. S-31011/11/2022-ST-II-DOR.
Note: It is an AI generated summary for reference purpose only.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION No. 1/2022–Compensation Cess
New Delhi, the 24th June, 2022
G.S.R. 468(E).—In exercise of the powers conferred by sub-section (2) of section 12 read with section 8 of the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017), the Central Government on the recommendations of the Council hereby makes the following rules, namely:-
Short title and commencement.-
1. (1) These rules may be called the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022.
(2) They shall come into force with effect from the 1st day of July, 2022.
Period for levy and collection of Cess.- 2. The period for levy and collection of cess under sub-section (1) of section 8 of the Goods and Services Tax (Compensation to States) Act, 2017 shall be up to the 31st March, 2026.
