CURRENT AFFAIRS

Detailed explanation-1: -Rate of Kerala Flood Cess The ‘Kerala Flood Cess’ shall remain valid (effective) for a period of 2 years. The ‘Kerala Flood Cess’ needs to be reflected separately in the invoice. The ‘Kerala Flood Cess’ is to be paid to the Government along with the filing of return in FORM GSTR-3B.

Detailed explanation-2: -It is the only state to have levied such a cess using the Constitutional provision, Section (4) (f) of Article 279 A. Article 279A (4)(f) allows the Union and State to raise additional resources during any natural calamity or disaster. The article was inserted through the 101st Constitutional Amendment Act, 2016.

Detailed explanation-3: -What is the flood cess rate? The Kerala flood cess, KFC for short, will be imposed at a rate of 1% on the value of supply of goods, services or both that fall under Schedule II, III & IV or SRO. No. 360/2017 Dt.

Detailed explanation-4: -Yes, you will have to pay interest at 18% on the delayed payment of Kerala Flood Cess as per the provision under Kerala Goods and Services Tax Act, 2017 and Central Goods and Services Tax Act, 2017.