🤔 𝗚𝗦𝗧 𝗖𝗼𝗺𝗽𝗲𝗻𝘀𝗮𝘁𝗶𝗼𝗻 𝗖𝗲𝘀𝘀: 𝗪𝗶𝗹𝗹 𝗶𝘁 𝗦𝘁𝗮𝘆 𝗼𝗿 𝗪𝗶𝗹𝗹 𝗶𝘁 𝗚𝗼? 🤔 The Group of Ministers (GoM) on GST compensation cess met yesterday to discuss the potential merger of the cess into the GST. No decision was reached, and the GoM will meet again in November. 📅 𝗕𝗮𝗰𝗸𝗴𝗿𝗼𝘂𝗻𝗱: The compensation cess was introduced in 2017 to compensate states for revenue losses incurred following the implementation of the GST. It is levied on certain luxury, sin, and demerit goods, in addition to the 28% tax rate. With the compensation cess set to expire, states are looking for clarity on how they will be compensated for future revenue losses. Some states have referred back to discussions from 2016, when it was suggested that the cess could be merged into the GST. ❓ 𝗪𝗵𝗮𝘁'𝘀 𝗡𝗲𝘅𝘁? It remains to be seen what the GoM will decide. However, the outcome of their discussions will have a significant impact on the future of the GST. Stay tuned for updates! #GST #compensationcess #taxation #India #futureofGST