CGST Act Amendment May Lead To Reversal Of Credit Availed On Cess Paid

Taxpayers may have to pay extra tax or reverse the credit they availed for the cess paid before the Goods and Services Tax was rolled out. The government has excluded the credit that taxpayers could avail at the time of transitioning to GST for the cess paid in the previous indirect tax regime, according to amendments in the Central Goods and Services Tax Act moved in the Lok Sabha. The change in…