Legal Authority:
G.S.R. 468(E) exercises powers under section 12 and section 8 of the GST (Compensation to States) Act, 2017.
Rule Introduction:
New rules titled "Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022" are established.
Effective Date:
Rules come into force from July 1, 2022, demonstrating a recent legislative development in the GST framework.
Levy Period Extension:
Cess levy and collection period, as per section 8 of the GST Compensation Act, is extended until March 31, 2026.
Clear Legislative Intent:
The rule provides a clear timeframe, ensuring businesses and stakeholders are aware of the extended period for cess.
Government Communication:
Through this rule, the government communicates its decision to prolong the cess levy for an additional period.
Administrative Implementation:
The role of Mahendra Nath, Under Secretary, in promulgating the rule is highlighted, showcasing administrative implementation.
Note: This update signifies a crucial extension in the period for the levy and collection of cess under the GST Compensation Act, 2017.