TMI BlogGST Compensation dues paid to StatesX X X X Extracts X X X X X X X X Extracts X X X X ..... GST Compensation dues paid to States - Goods and Services Tax - GST Dated:- 19-7-2021 - News - The Government has paid all the GST Compensation dues to the States the financial years 2020-21 and 2021-22. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated that the GST compensation cess levied under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 8 of the GST (Compensation to States) Act, 2017 is transferred into a non-lapsable Fund known as GST Compensation Fund which forms part of the Public Account of India as provided in Section 10(1) of the act. The States are being compensated for any loss of revenue arising on account of implementation of GST for five years out of the Compensation Fund as per Section 10(2) of the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id Act. GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the states. The Minister further stated that the economic impact of the pandemic has led to higher compensation requirement due to lower GST collection and at the same time lower collection of GST compensation cess. GST compensation of ₹ 91,000 crore has been released to all States/ UTs to p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artly meet the compensation payable for the period April 20 to March 21 as the amount in GST Compensation Fund was not adequate to meet the full compensation requirement. Details of GST compensation yet to be released to each State is as per Annexure. Giving more details, the Minister said that few States have requested for payment of GST Compensation to States on account of loss of revenue due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to implementation of GST as per GST (Compensation to States) Act, 2017 and in addition the general request from the States are like revision of FRBM limit, additional fund for procurement of medical equipment and increasing the devolution grant etc. Central Government has considered various such requests and is committed to provide all possible assistance to States. The Minister stated that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue of GST Compensation to States has been deliberated in the 41 st and 42 nd GST Council meetings and accordingly, FY 20-21, the Centre had borrowed ₹ 1.1 lakh crore under a special window and passed on to the States as back-to-back loan to help the States meet the resource gap due to short-release of compensation on account of inadequate balance in the Compensation Fund. The Min ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ister further said that subsequent to deliberations in the 43 rd GST Council meeting , it has been decided that the Centre is borrowing ₹ 1.59 lakh crore from the market through special window in current FY and passing it on to the States/ UTs as a back to back loan in appropriate tranches as was done in last year. As per this decision ₹ 75,000 crore has been released to States/ UTs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 15.07.2021. In addition, depending on the amount available in the Compensation Fund, Centre has also been releasing the regular GST compensation to States to make up for GST revenue shortfall, the Minister stated. The Minister tabled details of gross GST collection (SGST+CGST+IGST+GST Compensation Cess) pre- settlement since March 2020, month-wise, as under: Month ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gross GST Collection (in Rs. Crore) 2019-20 2020-21 2021-22 April 32172 139708 May 62151 102709 June 90918 92849 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... July 87422 August 86449 September 95480 October 105155 November ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 104963 December 115174 January 119875 February 113143 March 97590 123902 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
