How to differentiate Accumulated credit with Compensation cess under GST?
What is Accumulated credit? How does Compensation cess work under GST regime? What are the difference between Accumulated credit and Compensation cess?
Under GST system, the following information explains about Accumulated credit and Compensation cess.
As per GST terms, Accumulated credit means credit availed on inputs, input services and capital goods to extent attributed to dutiable goods or taxable services/exported goods+ exported services, availed in excise/service tax returns and not utilized but C/F as closing balance in return filed in pre-GST. Compensation cess means GST cess is levied on intra-state supply of goods or services and inter-state supply of goods or services to provide compensation to the States for loss of revenue due to implementation of GST in India.
The details about Accumulated credit and Compensation cess with simple language from GST terms have been mentioned in this web blog separately. We suggest you to read these articles on Accumulated credit and Compensation cess, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Accumulated credit and Compensation cess separately below. You may kindly read the below links to know more about Compensation cess and Accumulated credit.
Accumulated credit to GST means
Meaning of term compensation cess under GST
The above information easily explains about Compensation cess and Accumulated credit.
We hope, you have satisfied with the difference between Accumulated credit and Compensation cess explained above. Do you have different thought on difference between Compensation cess and Accumulated credit?
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