Kolkata: The West Bengal government has said the Centre owes it Rs 2,409.96 crore as GST compensation, “disagreeing” with Union Finance Minister Nirmala Sitharaman‘s statement about the state not submitting audited figures. Replying to assertions that West Bengal’s dues have been neglected, Sitharaman had said in Parliament on Friday that GST compensation to states is … Read more
The government issued a notification on Saturday extending the goods and services tax (GST) compensation cess until March 31, 2026. The cess was to end on June 30, 2022, five years after the single tax rolled out on July 1, 2017. The GST Council had last September decided on an extension to raise funds to … Read more
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 Centre Thursday released the balance Rs 44,000 crore to states under the back-to-back loan facility in-lieu of GST compensation, taking the total to Rs 1.59 lakh crore, the full amount that the government had planned to pay to states for FY 22 for compensation shortfall. The government had released Rs 75,000 crore in July … Read more
The finance ministry released Rs 75,000 crore or nearly half of the total Goods and Services Tax (GST) compensation shortfall for FY22 to the states and union territories (UTs) on Thursday. The amount was part of the back-to-back loan facility provided to the states and UTs with legislature in lieu of the expected shortfall in … Read more
Kerala may become the third of the dissenting states to take up the Rs 1.1 lakh crore borrowing option, after initially rejecting both options of the Centre for meeting goods and service (GST) compensation shortfall. Finance minister Thomas Isaac told ET that the state may also accept the borrowing option under protest if the co-ordinated … Read more
After the Union government agreed to borrow Rs 1.10 lakh crore on behalf of states to meet the GST shortfall, Congress leader P Chidambaram said Friday that the Centre has taken the “correct first step” and it should now work to re-establish trust with them. “I welcomed the change of heart,” he tweeted and asked … Read more
Goods and Services Tax (GST) collections for September stood at Rs 95,480 crore, the highest on a monthly basis since the lockdown began in March this year. Collections for September were 10.4% higher than August and 4% higher than last year same month, the finance ministry said in a statement Thursday. “With a significant part … Read more
Finance minister Nirmala Sitharaman said the Centre is not reneging on its promise to compensate states for any revenue loss due to the transition to the goods and services tax regime and had “gone much beyond” to protect them. She said the Centre’s transfer to the states, including grants and tax transfers, exceeded its total … Read more
New Delhi: Finance Minister Nirmala Sitharaman on Friday said that bulk of the additional spending sought in the first batch of the supplementary demands for grants would be spend on people-centric schemes to help them amid the coronavirus pandemic. The minister also said that probably for the first time the government has sought such a … Read more