The Finance Ministry on Wednesday said the Centre has already released eight months of GST compensation dues to the states for the fiscal ended March 2022 and Rs 78,704 crore is pending due to inadequate balance in the cess fund. In a statement, the ministry said normally, GST compensation for 10 months (April-January) of any … Read more
The Goods and Service Tax (GST) Council decided against including auto fuels within its ambit following unanimous opposition from states, even as it specified that compensation period would not be extended beyond 2022. Finance minister Nirmala Sitharaman highlighted that the cess collected from July 2022 till March 2026 will be used solely for repayment of … Read more
The revenue accruing from GST compensation cess goes to the states and the Centre cannot borrow on the security of the tax which it does not own, Finance Ministry sources said. The Centre and opposition-ruled states are at loggerheads over the financing of the Rs 2.35 lakh crore GST shortfall in the current fiscal. Of … Read more