Wait...
  1. Home >
  2. Export Import News >
  3. GST News >
  4. Centre released Rs 15,340 crore as GST compensation for 2020-21: Sources >
  5. Centre released Rs 15,340 crore as GST compensation for 2020-21: Sources

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Centre released Rs 15,340 crore as GST compensation for 2020-21: Sources.


Date: 21-05-2020
Subject: Centre released Rs 15,340 crore as GST compensation for 2020-21: Sources
The central government has released Rs 15,340 crore to states and union territories (UTs) in the current fiscal year 2020-21 as Goods and Services Tax (GST) compensation, despite an almost insignificant collection due to relief provided in terms of filing of return and payment of taxes owing to lockdown.

"Earlier, in the FY 2019-20, the central government had released Rs 120,498 crore GST compensation to states and UTs while it had collected only about Rs 95,000 crore in the form of compensation cess," government sources said.

In FY 2017-18 a total GST compensation cess of Rs 62,611 crore was collected, out of which a sum of Rs 41,146 crore was released to the states and UTs as GST compensation.

In the FY 2018-19, Rs 95,081 crore was collected as GST compensation cess, out of which Rs 69,275 crore was released to the states and UTs as GST compensation.

According to government sources, as per the releases of the finance ministry, as on 31st March 2019 Rs 47,271 crore GST compensation cess was collected had remained unutilized after the release of GST compensation to the states and UTs in the FYs 2017-18 and 2018-19.

Since the last release of GST compensation cess to the states and UTs made in February 2020 of Rs 19,950 crore for the months of October and November,, the Centre released a total of Rs 120,498 crore for FY 2019-20.

"Thereby, compensation till the bimonthly period of Oct-Nov, 2019 has been paid for all states and no state has been paid compensation for any period beyond that without any discrimination between states," sources said.

Source:- moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 01-06-2020
Notification No. 08/2015-2020-DGFT
Amendment in Export Policy of Alcohol based Hand Sanitizers

Date: 01-06-2020
Public Notice No. 07/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Public Notice No. 09/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Trade Notice No. 13/2020-21-DGFT
Implementation of MoU between India and Mozambique for import of pigeon peas and other pulses grown in Mozambique during 2020-21

Date: 01-06-2020
Instruction No. 08/2020-Customs
24x7 Customs Clearance at all the Customs Stations - reg

Date: 29-05-2020
Circular No. 26/2020-Customs
Review of Circular No. 17/2020 dated 03.04.2020 namely, 'Measures to facilitate trade during the lockdown period- section 143 AA of the Customs Act, 1962'

Date: 29-05-2020
Notification No. 48/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 28-05-2020
Notification No. 07/2015-2020
Amendment in Export Policy of Paracetamol API

Date: 28-05-2020
Instruction No. 7/2020- Customs
Special drive for disposal of applications for fixation of Brand Rate of Duty Drawback.

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001