Now Tobacco and tobacco products, pan masala and Gutka will attract compensation cess on the basis of the retail price instead of a current ad valorem levy. The centre on Friday proposed an amendment in the Schedule of the GST (Compensation to States) Act, 2017in the finance bill which capped the GST Compensation Cess on […]
Discontinuation of the GST compensation could adversely affect Delhi’s revenues, finance minister Kailash Gahlot
A day after presenting his maiden budget, Gahlot said in an interview with TOI that Delhi had taken a hit of nearly Rs 12,000 crore due to the GST measure. “If we don’t ramp up our revenue generation, it will be challenging to complete the big projects that we have announced. We will have to […]
Palanivel Thiaga Rajan hits out at Centre on non-extension of GST compensation period, levy of cess
Finance Minister Palanivel Thiaga Rajan in his budget speech said despite multiple representations from the States, the Union government refused to extend the original GST compensation period. The GST was introduced on July 1, 2017, and June 30, 2022 marked the end of the transition period during which the States were compensated for any loss […]
State gets 15k crore from IGST so far this fiscal
Kerala has received ₹15,610.94 crore by way of Integrated Goods and Services Tax (IGST) till February in this fiscal, according to data furnished in the State Assembly on Friday. Finance Minister K. N. Balagopal, replying to questions in the House, said the State has repeatedly demanded the Central government and the GST Council to ensure […]
Chhattisgarh CM Baghel meets PM; calls for census, demands settling GST compensation dues
Chhattisgarh Chief Minister Bhupesh Baghel met Prime Minister Narendra Modi here on Friday and called for conducting a census soon, while also discussing the issues of GST compensation and coal royalties. During the meeting, Baghel said there is a problem in the selection of beneficiaries for various schemes because no census was conducted after 2011, […]
Centre owes Rs 9,136 cr to Gujarat govt as GST compensation: Desai
The Central government owes the Gujarat government Rs 9,136 crore as compensation for loss of income in the past two years under the provisions of the Goods & Services Tax Act, Finance Minister Kanu Desai informed the Gujarat Assembly on Monday, in reply to a starred question by senior Congress legislator Arjun Modhwadia. Modhwadia sought […]
Notification no. 1/2023 – Compensation Cess (Rate) dated 28.02.2023
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No.1/ 2023 – Compensation Cess (Rate) New Delhi, the 28th February, 2023 G.S.R. 153(E).—In exercise of the powers conferred by sub-section (2) of section 8 of the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017), the Central Government, on the recommendations […]
Centre making contradictory statements over Bengal’s GST compensation dues: Minister
West Bengal Finance Minister Chandrima Bhattacharya on Thursday claimed that the Centre was making contradictory statements on the state’s GST compensation dues by deciding to release the balance for June 2022, and at the same time asserting that audited figures were not submitted. Bhattacharya pointed out that Union Finance Minister Nirmala Sitharaman, after the 49th […]
GST compensation issue will soon be discussed: MoS for Finance Bhagwat Karad
Union minister of state for finance Bhagwat Karad said on Tuesday that inflation in India is well controlled thanks to the policies of Prime Minister Narendra Modi. He was speaking at the BJP headquarters in Panaji. He said that GST compensation issues will be discussed in the next meeting with stakeholders concerned. “Pakistan, Sri Lanka, […]
GST compensation delayed in some states due to lack of AG certificates, FM says
The Union Finance Minister, Nirmala Sitharaman, has attributed the delay in Goods and Services Tax (GST) compensation to certain states to the unavailability of Accountant General (AG)’s authenticated certificates. “AG’s certification is (mandatory) by law between the Centre, states and the AG (accountant general), and it is an agreed process. So, unless the authentication is […]