New Delhi, Sept. 22 -- The rationalisation of tax burdens across coal grades ensures equitable treatment, replacing the earlier Rs 400 per tonne Compensation Cess, which disproportionately affected low-quality and low-priced coal, an official statement said today.
GST Compensation Cess is a special tax created under the Goods and Services Tax (GST) system. It is charged on certain products to help states recover any loss in revenue caused by the GST rollout.
An official statement said, " Key decisions of 56th GST Council Meeting:- (i) Removal of GST compensation cess: The council has eliminated the Rs 400 per tonne compensation cess previously levied on coal. (ii) Increase in GST rate of Coal: The GST rate on Coal has been raised from 5pc...