₹33,000 CR TO BE RELEASED TO STATES SOON
THE GOODS AND Services Tax (GST) Council on Saturday gave its nod to a long-pending proposal for an appellate tribunal for the levy, broadly accepting the report of a ministerial group. The proposal will be included in the Finance Bill 2023.
In its 49th meeting held on Saturday, the council also adopted another group of ministers'(GoM) report on plugging revenue leakages for sectors such as pan masala and gutkha, and decided to reduce the GST rates on rab (liquid jaggery) and pencil sharpeners.
Finance minister Nirmala Sitharaman, who chaired the day-long meeting, also decided to immediately release compensation cess dues to states totalling over ₹33,500 crore.
This includes the pending dues of ₹16,982 crore to 23 states for June 2022, the last month of the five-year compensation period, as well as another ₹16,524 crore as final GST compensation outgoes for six states that have submitted the respective accountant general certificates.
"Since there is no amount in the GST compensation fund, the Centre has decided to release this amount from its own resources and the same will be recouped from future compensation cess collections," Sitharaman said after the council's meeting. Though the compensation period ended, the cesses will continue till 2025-26, to service the loans taken by the Centre to make good the shortfall in the compensation kitty.
The GST Tribunal will have one principal bench in New Delhi and as many benches or boards in states as decided by each state, subject to approval of the council. The council agreed to make some changes in the final text relating to the number of members and the selection of the members, revenue secretary Sanjay Malhotra said.
This story is from the February 19, 2023 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the February 19, 2023 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Murdoch ally helps Ambani build media empire in India
SOHEE KIM PR SANJAI
Pandya, Dube & Rinku: Can they finish for India at T20 World Cup?
GOING INTO THE 2022 T20 World Cup in Australia Dinesh Karthik was assigned the finisher role and the batting lineup was built accordingly.
Nestle adds sugar to infant milk and cereal, finds report
A NEW REPORT has revealed that Nestle, the world's largest consumer goods and manufacturer of baby formula, is adding sugar to infant milk and cereal products sold in India, and other Asian, and African countries.
India-made Daimler's electric mini truck to hit the road soon
INDIA WILL BE host to German trucking giant Daimler's only electric vehicle plant outside of Europe and Japan when it launches a locally-made electric light cargo truck in FY25.
Samsung eyes ₹10,000 cr from India TV biz this year
SOUTH KOREAN GIANT Samsung is targeting a turnover of ₹10,000 crores for its television business in India this year, driven by growth in sales of its mid to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.
Microsoft AI Copilot speed boost for coding
WHEN SOFTWARE DEVELOPER Nikolai Avteniev got his hands on a preview version of Microsoft's Copilot coding assistant in 2021, he quickly saw the potential.
US, China debt pose risks for global public finances: IMF
THE WORLD's TWO great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said in a report.
Language models in consumer tech
This move is designed to ensure better user experience & privacy
'Data centres' energy use doubles every four years'
Data centres are significant energy consumers, using about 2% of the world's power and emitting carbon dioxide equivalent to the airline industry.
Vi FPO: Foreign players invest big; about ₹5,400 crore raised
GQG, Fidelity buy almost 40% of the anchor investor portion
