The GST Compensation Cess is an additional tax levied on specific goods and services to compensate states for revenue losses incurred due to the implementation of GST. It was introduced because GST is a consumption-based tax, causing manufacturing states to lose revenue. Initially for five years, its collection has been extended to March 31, 2026.
Click to View MoreThe Public Accounts Committee (PAC) is a parliamentary body that ensures government accountability in financial matters. It scrutinizes CAG's audit reports, acts as a check on executive expenditure, and promotes transparency by highlighting fiscal lapses. Its advisory recommendations are advisory, making it a vital guardian of public funds.
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