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Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday morning chaired a <keyword id="20255269" type="General" weightage="20" keywordseo="pre-budget-meeting" source="keywords">pre-budget meeting</keyword> with Finance Ministers of all States and Union Territories. The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature) to take suggestions for the upcoming <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Ministers of State along with other stakeholders are participating in the meeting and visuals showed Uttar Pradesh finance minister Suresh Kumar Khanna, and finance minister of Rajasthan Diya Kumari at the Bharat Mandapam venue before the meeting commenced this morning. The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. Sitharaman chaired the first pre-budget consultations with leading economists on June 19. The meeting was attended by Union minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser. Meanwhile, Sitharaman will also chair the 53rd <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="GST Council" meta.hostid="261" meta.entityid="GST Council">GST council</keyword> after the formation of the new government. State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India's indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country's economic objectives. The information on the agenda of Council meeting is not yet in public domain. However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led <keyword id="22141478" type="General" weightage="20" keywordseo="National-Democratic-Alliance-government" source="keywords" meta.keywordsubtype="org" meta.entityname="National Democratic Alliance government" meta.hostid="261" meta.entityid="National Democratic Alliance government">National Democratic Alliance government</keyword>.

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

Gross Goods and Services Tax (<keyword id="19951327" type="General" weightage="100" keywordseo="gst" source="keywords">GST</keyword>) collections surged to a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of Rs 2.10 lakh crore in the month of April. The GST collection has also registered a 12.4 per cent year-on-year growth. According to a statement by the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>, the growth was propelled by a robust uptick in both <keyword id="20791652" type="General" weightage="20" keywordseo="domestic-transactions" source="keywords">domestic transactions</keyword>, which rose by 13.4 per cent, and <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, witnessing an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the corresponding period last year. The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (<keyword id="20793046" type="General" weightage="20" keywordseo="CGST" source="keywords">CGST</keyword>) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (<keyword id="20025648" type="General" weightage="20" keywordseo="SGST" source="keywords">SGST</keyword>) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (<keyword id="20025649" type="General" weightage="20" keywordseo="IGST" source="keywords">IGST</keyword>) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, cess collections reached Rs 13,260 crore, which included Rs 1,008 crore collected on imported goods. Furthermore, the inter-governmental settlement process saw the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement. During the financial year 2023-24 the total gross GST collection recorded at Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore. The surge in recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

The <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">central government</keyword> has released an amount worth Rs 17,000 crore to states and <keyword id="6357801" type="General" weightage="80" keywordseo="union" source="Orion">Union</keyword> territories towards the balance GST compensation for the period April to June 2022. The total amount of compensation released to the States/UTs so far, including thus Rs 17,000 crore, during the year 2022-23 is Rs 1,15,662 crore, the Ministry of Finance said in a statement on Friday. "This is despite the fact that total Cess collection till October 2022 is only Rs.72,147 crore and the balance of Rs. 43,515 crores is being released by the Centre from its own resources. With this release, the Centre has released, in advance, the entire amount of Cess estimated to be collected this year till March-end available for payment of compensation to States," the statement added. This decision was taken to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year. "Even in May this year, the Central Government had released Rs. 86,912 crores as provisional GST compensation to States for the period Feb-May'2022 despite the fact that there was only about Rs. 25,000 crores in the GST Compensation Fund, by making arrangement of funds of around Rs. 62,000 crores from its own resources," the statement said. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. For providing compensation to States, Cess is levied on certain goods and the amount of Cess collected is being credited to Compensation Fund. Compensation to States is being paid out of the Compensation Fund with effect from July 1, 2017. In other news, Union Finance Minister <keyword id="2640262" type="General" weightage="80" keywordseo="nirmala-sitharman" source="Orion">Nirmala Sitharman</keyword> has chaired a pre-Budget meeting with the finance ministers of all States and Union Territories today for taking their inputs and suggestions for the upcoming Budget for 2023-24. Besides Sitharaman and state/UT finance ministers, Union MoS for Finance Pankaj Chaudhary and <keyword id="1073554" type="General" weightage="80" keywordseo="bhagwat-karad" source="Orion">Bhagwat Karad</keyword>, secretaries from various arms of the Union finance ministry, Chief Economic Advisor Anantha Nageswaran, among others attended the meeting. The Budget for 2023-24 is likely to be tabled on February 1. Notably, it will be the last full Budget for Modi 2.0 government before the <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> elections to be held in April-May of 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-uae-in-talks-for-rupee-dirham-denominated-bilateral-trade/articleshow/95766169.cms">India, UAE in talks for rupee-dirham denominated bilateral trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/forex-kitty-grows-for-2nd-consecutive-week-rises-2-54-bn-to-547-25-bn/articleshow/95767390.cms">Forex kitty grows for 2nd consecutive week; rises $2.54 bn to $547.25 bn</a>

Centre releases ₹17,000 cr as GST compensation to States/UTs

A total of 13 states have so far decided on their borrowing options to meet their <keyword id="9933255" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-shortfall">GST compensation shortfall</keyword> and almost all have decided to go for the first option proposed by the Centre, source said. Out of the 13, 12 states have opted for the first option, under which the Union government has offered states that they could borrow the shortfall arising out of GST implementation, estimated at Rs 97,000 crore approximately. The amount would be borrowed through issue of debt under a special window coordinated by the Finance Ministry. The first option is to ensure steady flow of resources similar to the flow under <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> on a bi-monthly basis. Under this option, the Centre will endeavour to keep the cost at or close to the G-secs yield, and in the event of the cost being higher, will bear the margin between G-secs and average of State Development Loan yields up to 0.5 per cent through a subsidy. The states which have preferred to opt for this option are Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Meghalaya, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and Odisha. Only Manipur has so far opted for the second borrowing option under which states can borrow the entire compensation shortfall of Rs 2.35 lakh crore, including the Covid-impact portion, through issue of market debt. Six more states -- Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh -- will be giving their choice in a day or two, said people in the know. A few states have submitted their views to the Chairperson of the GST Council but are yet to decide on the options, according to sources. In the 41st GST Council meeting last month, the Centre had proposed both options, so that a mechanism could be put in place as an exception this year, as Covid-19 disruptions and lower revenue collections have made it difficult for the Centre to meet its obligation on Goods and Services Tax (GST) compensation to states. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-ril-irctc-bhel-tata-motors-adani-green-vodafone-idea-godrej-properties-sunteck-realty-and-more/articleshow/78097615.cms">Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more</a> <a href="https://www.businessinsider.in/india/news/delhi-police-arrests-umar-khalid-connection-with-northeast-delhi-riots/articleshow/78097740.cms">Delhi Police arrests Umar Khalid in connection with Northeast Delhi riots</a> <a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms">TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a>

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

States which failed to submit their options before the <keyword id="3680839" type="PERSON" weightage="20" keywordseo="gst-council-meeting">GST Council meeting</keyword> in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday. The sources said that such states will have to wait till June 2022 to get compensation dues, subject to the condition that the GST Council extends the cess collection period beyond 2022. This is so because the Council is expected to adopt one of the two options given by the Centre to meet the <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> needs of the states this year. The states which decide against operationalisation of the new <keyword id="9971535" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-formula">GST compensation formula</keyword> will get their dues only to the extent of compensation cess collected in FY21 and distributed in proportion among all states and union territories. The balance shortfall will only be met from the collection of GST compensation cess beyond the five-year transition period that ends in June 2022. This will be subject to GST Council approval to the extension of compensation cess. The GST Council, in its 41st meeting on August 27, 2020, had decided to give its member-states two borrowing options to meet their compensation shortfall and a response time of 7 working days from the formal receipt of the detailed proposal on the options by email. Almost 15 states had submitted their options by September 15 and more have joined since. Option-1 on GST compensation brought before the Council last month allows states to borrow, under a special dispensation from the Reserve Bank of India, a sum of about Rs 97,000 crore shortfall calculated by the Centre that is directly on account of GST implementation. Option-2 allows states to borrow the entire projected GST compensation shortfall of Rs 2,35,000 crore (total shortfall of Rs 3 lakh crore minus Rs 65,000 crore collected as GST compensation cess) for FY21. So far, 21 states/UTs have expressed preference for Borrowing Option-1 proposed by the Centre. With GST Act requiring voting for any resolution regarding an option by at least 20 states, the move is expected to be adopted by the GST Council at its meeting next month. If this option is indeed adopted, all states would be able to move ahead and borrow under the scheme suggested by the Centre to meet their shortfall arising due to GST switchover. If states still opt out, they will have to wait to get full compensation. Among the 21 states/UTs which support the first option on GST compensation are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh. Manipur, the only state which had earlier opted for Option-2, later preferred to change it to Option-1. A few more states are, also, to give their borrowing option in a day or two. However, some of them like Jharkhand, Kerala, Maharashtra, NCT of Delhi, Punjab, Rajasthan, Tamil Nadu, Telangana, and West Bengal are yet to respond to the GST Council proposal to decide their options. Under the existing GST Act, compensation for shortfall in GST collections over an agreed formula is payable by the Centre for the first five years of the operation of the new tax system from July 2017 to June 2022. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

States not choosing GST compensation options by October will have wait another two years

<ul><li>M&amp;M, Ashok Leyland and Tata Motors have recovered from their intraday low.</li><li>Gadkari while speaking at a SIAM conference had said that the rising level of pollution is a health hazard for citizens.</li><li>There is no such proposal currently under active consideration by the government, said Gadkari in is clarification</li></ul> The auto index, <keyword id="3540651" type="General" weightage="20" keywordseo="Nifty-Auto" source="Orion">Nifty Auto</keyword>, recovered from its 400 point or approximately 2.5% fall after Union Minister <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> clarified on Tuesday clarified his '10% additional <keyword id="18747014" type="General" weightage="60" keywordseo="GST-on-diesel-vehicles" source="Orion">GST on diesel vehicles</keyword>' comment made earlier in the morning. At the time of updating the story, the index is 1.6% in the red. Auto stocks had fallen sharply after Gadkari said he will seek a "<keyword id="2169429" type="General" weightage="60" keywordseo="pollution-tax" source="Orion">pollution tax</keyword>" in the form of additional <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> of 10% on diesel vehicles and gensets in order to cut down on air pollution. This in turn has dragged the stocks down as most of the commercial vehicles in the country currently run on diesel. At the time of updating, Mahindra and Mahindra is down 1.7% but shown a recovery from the 3.48% slide. Ashok Leyland has now recovered slightly too and is down 2.4% while Tata Motors which had slipped 2.8% is now down 1.8%. The Road and Transport Minister has subsequently clarified his comment on X (formerly Twitter). He said that that there is no such proposal currently under active consideration by the government. <div type="twitter" handle="nitin_gadkari" handlename="nitin_gadkari" favoritecount="0" retweetcount="0" id="1701501884324860043"></div> Earlier, speaking at the 63rd Annual SIAM convention Delhi, the Union Road Transport and Highways Minister said the rising level of pollution is a health hazard for citizens. "I am going to handover a letter to the Finance Minister this evening stating that an additional 10% GST be put on diesel-powered vehicles," Gadkari said. In the passenger vehicle segment, various carmakers including Maruti Suzuki India and Honda have already stopped manufacturing diesel cars. Gadkari said the contribution of diesel cars has already come down drastically in the country and the manufacturers need to stop selling them in the market. Terming diesel as a hazardous fuel, he noted that the country has to import the fuel to meet the demand. "Say goodbye to diesel... Please stop making them, otherwise we will just increase the tax so much that it would become difficult to sell diesel cars" Gadkari said. He said he will propose additional GST on diesel-powered generators as well. Automobiles are currently taxed at 28% GST, with additional cess ranging from 1% to 22% depending on the type of vehicle. SUVs attract the highest GST at the rate of 28% along with a compensation cess at 22%. Gadkari also asked the industry to focus on environment-friendly alternative fuels like ethanol. He also asked the industry to focus on green hydrogen. Explained: <a href="https://www.businessinsider.in/policy/economy/news/what-is-ethanol-blending-current-targets-and-challenges-for-india/articleshow/103460113.cms" data-type="tilCustomLink" target="_blank">What is ethanol blending and what are the challenges faced by India</a>

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

The <keyword id="6355040" type="UNKNOWN" weightage="20" keywordseo="GST-Council">GST Council</keyword> will meet here on Thursday to take up the single-point agenda of <keyword id="9025375" type="UNKNOWN" weightage="20" keywordseo="GST-compensation-to-states">GST compensation to states</keyword> affected by delays in the release by the Centre, a government official privy to meeting agenda said. The meeting was earlier proposed in July, as announced by Union Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> after the first GST Council meeting in the backdrop of Covid-19 pandemic in June. "The Council will meet tomorrow with a single-point agenda to discuss the compensation cess. Any changes in the GST rates or cess structure would also relate to how timely compensation to the states could be released," the official said. Faced with sharp decline in GST collections due to the nationwide lockdown and disruptions in economic activities across the country, one of the options before the Centre is to pay <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> to states by using a portion of its borrowings. The compensation has not been paid to the states since March. Even the compensation for March was delayed and paid in late July. A legal opinion on the matter sought by the Centre from the Attorney General earlier suggested that the former is under "no obligation to pay GST compensation shortfalls to the states" and it is the GST Council which has to decide on making good the shortfall in the goods and services tax compensation fund by putting sufficient amount into it. The AG had opined that the GST Council can recommend to the Centre to allow the states to borrow on the strength of the future receipts from the compensation fund, sources said. It would, however, be for the central government to take a final decision in the matter under Article 293(3) of the Constitution. "If there is need for borrowings to meet compensation to the states and who is going to borrow? How we are going to pay for it?" the Finance Minister had said about the Council meeting in June, hinting that the fall in revenues has become a huge cause of concern for the Centre to meet its liability towards the states as per the GST legislation. Under the GST law, states are guaranteed full compensation for any revenue loss for the first five years after the introduction of the Goods and Services Tax (GST) in July 2017. The compensation is the difference between actually revenue collected and projected revenue. The projected revenue is revenue growth of 14 per cent for the states per year over the base year 2015-16. As per the GST Act, full compensation to the states has to be paid for a period of five years till FY22 only through the compensation fund that gets its money through the levy of GST compensation cess on a few items. However, with the fund not getting enough collections since August 2019, the GST compensation to the states has been delayed. The Centre is now looking at getting GST Council nod for a mechanism to finance the compensation. The situation vis-a-vis the GST revenue has worsened in April 2020, with several states indicating a shortfall in collections to the tune of 80-90 per cent of the average monthly collections during this time of the year. In fact, Delhi has said its GST collections may end up at a mere Rs 300 crore in April as against a collection of Rs 3,500 crore in the same month previous year. Other states like Tamil Nadu, Assam, West Bengal, and Andhra Pradesh are also facing severe revenue decline due to shrinking economic activities during the Covid-induced lockdown. The problem has continued into May as well. With economic activity and GDP growth projected to remain subdued for most part of FY21, the Centre is looking at all possible means on how it could meet its constitutional obligation of compensating the states for their revenue losses. After February, when the Centre released GST compensation of Rs 19,950 crore for October and November 2019, the Centre has cleared dues for December, January and February only now. In late July, the Centre released Rs 13,806 crore to the states as compensation for their revenue losses in the GST goods regime for March 2020. "The total amount of compensation released for the year 2019-20 is Rs 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs 95,444 crore," a government statement had said. The monthly compensation requirement for the states in 2020-21 is pegged at Rs 20,250 crore, government sources said, which leaves a big gap between what needs to be paid and what is getting collected. Even in FY21, monthly cess collections could be at a low Rs 7,000-8,000 crore, or even lower. According to previous releases of the Finance Ministry, in the FY 2017-18, a total GST compensation cess of Rs 62,611 crore was collected, of which Rs 41,146 crore was released to the states/UTs as GST compensation. In the FY 2018-19, Rs 95,081 crore was collected as GST compensation cess, of which Rs 69,275 crore was released to the states and UTs as GST compensation. As on March 31, 2019, Rs 47,271 crore collected as GST compensation cess remained unutilised after the release of GST compensation to the states and UTs in the FYs 2017-18 and 2018-19. Since the end of August 2019, the central government has started realising the impending precarious position in paying the GST compensation to the states and UTs as the compensation cess requirement was twice of the average monthly cess collection. The sources said that though the GST Council also has the option to either bring in more items under the cess base by expanding the base of GST cess items, or to increase cess rate on the existing items. Any increase in compensation cess on a few items could yield only about Rs 2,000-3,000 crore a year. Therefore, the Council in its earlier meeting also discussed other options like forego full cess compensation, which was increasing @14% per annum, or to go ahead with whatever compensation is available. One more option looked at was to raise the tax rate on items through rationalisation via shuffling of slab rates. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/if-you-have-a-bank-loan-that-you-are-unable-to-pay-restructuring-is-on-its-way/articleshow/77391894.cms">If you have a bank loan that you are unable to pay, restructuring is on its way</a> <a href="https://www.businessinsider.in/finance/banks/news/loan-moratorium-still-ends-on-aug-31-while-supreme-court-gives-the-government-another-week-to-clarify-if-accrued-interest-should-be-waived/articleshow/77758597.cms">Loan moratorium still ends on Aug 31 while Supreme Court gives the government another week to clarify if accrued interest should be waived</a>

GST Council meet on Thursday to figure out how states will be compensated for delays in payment

New Delhi, Dec 4 () Finance ministers and representatives of opposition-ruled states on Wednesday met Union Finance Minister Nirmala Sitharaman and expressed their concern over delay in release of GST compensation which has put them in an acute financial position.
 The finance ministers of Delhi, Punjab, Puducherry and Madhya Pradesh and representatives Kerala, Rajasthan, Chattisgarh and West Bengal attended the meeting over delay in payment of compensation.
 Speaking to reporters after the meeting, Punjab Finance Minister Manpreet Singh Badal said, August and September compensation has not been released to states.
 "We discussed that issue with the Finance Minister. Even the compensation for next period (October-November) will be due now, so August-November. Government is under obligation to pay.
 "The Finance Minister assured us that the compensation will be released as early as possible but she did not specify any timeline, " he said.
 So far state have not got compensation for the month of August and September and post December 10, compensation for the period October-November will also be due.
 Delhi Deputy Chief Minister Manish Sisodia said it is not that compensation fund does not have adequate money, around Rs 50,000 crore is there through cess collection.
 "We thought we will make appeal to Union Finance Minister (Nirmala Sitharaman) saying that she must personally look into this and not violate the constitutional provisions as passed by Parliament of India," Sisodia said after half an hour long meeting. DP DRR

You Searched For "GST compensation to states" and got 8 results

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

ANI

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

ANI

Centre releases ₹17,000 cr as GST compensation to States/UTs

ANI

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

IANS

States not choosing GST compensation options by October will have wait another two years

IANS

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

BI India Bureau

GST Council meet on Thursday to figure out how states will be compensated for delays in payment

IANS

Opposition-ruled states meet FM over delay in GST compensation

PTI

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