How to differentiate Composition Scheme Rules with Compensation cess?
What is Composition Scheme Rules? How does Compensation cess work under GST regime? What are the difference between Composition Scheme Rules and Compensation cess?
Under GST system, the following information explains about Composition Scheme Rules and Compensation cess.
Composition Scheme Rules under GST provide for all the procedural compliance w.r.t. intimation for Composition Scheme, effective date for levy, conditions and restrictions on levy, validity of levy and rate of tax.
According to the GST cess (Compensation to State) Act, 2017, a compensation cess would be levied on specific items and services for compensation to the States for the loss of revenue on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016.
The details about Composition Scheme Rules and Compensation cess with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Composition Scheme Rules and Compensation cess, so as to enable you to have a clear idea on these shipping terms.
For your immediate reference, we give below web links on Composition Scheme Rules and Compensation cess separately below. You may kindly read the below links to know more about Compensation cess and Composition Scheme Rules.
Composition Scheme Rules under GST
Meaning of term compensation cess under GST
The above information easily explains about Compensation cess and Composition Scheme Rules.
I hope, you have satisfied with the difference between Composition Scheme Rules and Compensation cess explained above. Do you have different thought on difference between Compensation cess and Composition Scheme Rules?
Share below your thoughts about Composition Scheme Rules and Compensation cess
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