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Govt Revives GST Cess Rate On Pan Masala
The notification came in as a part of the amendments to the Finance Bill, 2023 passed in the Lok Sabha last Friday
Photo Credit : Reuters
The government has announced to revive of the GST compensation cess on pan masala, cigarettes and other forms of tobacco, linking the highest rate to their retail sale price.
The notification came in as a part of the amendments to the Finance Bill, 2023 passed in the Lok Sabha last Friday.
The amendment is likely to accelerate a great business as the new GST compensation cess rate for pan masala will be 51 per cent of the retail sale price per unit, while the current cess is at 135 per cent ad valorem.
The rate for tobacco will be at Rs 4,170 per thousand sticks, plus 290 per cent ad valorem or 100 per cent of the retail sale price per unit, So far, the highest rate and the cess is levied over and above the highest GST rate of 28 per cent.
All the changes in schedule-I of the GST compensation cess Act are brought in through amendment in the Finance Bill and have capped the highest cess to be charged on Pan masala and tobacco products.