Union Minister for Finance and Corporate Affairs Nirmala Sitharaman along with Union Minister of State for Finance Pankaj Chaudhary. File. | Photo Credit: Kamal Narang The government on December 20 informed Rajya Sabha that GST compensation of ₹17,176 crore is pending to States as on June 2022. Replying to supplementaries during the Question Hour, Minister […]
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Image used for representative purpose only. | Photo Credit: PTI The Central government has released ₹17,000 crore to States towards balance GST compensation, taking the total amount released so far this fiscal to over ₹1.15 lakh crore, the Finance Ministry said on Friday. “With this release, the Centre has released, in advance, the entire amount […]
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India’s gross revenues from the Goods and Services Tax (GST) were ₹1,43,612 crore in August, 28% higher than a year ago. Revenues from import of goods soared 57% during the month, while domestic transactions and import of services yielded 19% higher taxes than in August 2021. This is the sixth successive month when GST revenues […]
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Revenue collections from the GST regime have fallen short of expectations for both the Centre and the States, says a new working paper by the National Institute of Public Finance and Policy Revenue collections from the GST regime have fallen short of expectations for both the Centre and the States, says a new working paper […]
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Dues pertain to June, the last month for which States were assured certain level of revenue Dues pertain to June, the last month for which States were assured certain level of revenue Outstanding Goods and Services Tax (GST) Compensation dues to States now amount to ₹35,266 crore, the Finance Ministry informed Parliament on Monday. These dues […]
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From July 18, tax hikes will kick in for over two dozen goods and services, ranging from unbranded food items, curd and butter milk to low-cost hotels, cheques and maps, the Goods and Services Tax (GST) Council decided after a marathon two-day meet that concluded on Wednesday. At the same time, tax rates will be […]
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The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising State FMs, decided to extend it till March 2026 to repay the loans taken in the last two fiscal years to make up for the shortfall in their revenue collection. The levy […]
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Why are funds owed to the States delayed? Are cess collections not growing fast enough? Will the compensation period be extended beyond five years? Why are funds owed to the States delayed? Are cess collections not growing fast enough? Will the compensation period be extended beyond five years? The story so far: At a meeting […]
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