SIGN IN SUBSCRIBE

News Update

World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCXI tells Blinken - China, US ought to be partners, not rivalsST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
Centre releases 16th tranche of Rs 5,000Cr for States to meet GST shortfall

By TIOL News Service

NEW DELHI, FEB 15, 2021: THE Ministry of Finance released the 16th weekly instalment of Rs. 5,000 crore to the States on Monday to meet the shortfall arising from the implementation of the Goods and Services Tax (GST), taking the total amount transferred so far to Rs. 95,000 crore.

Of the Rs. 5,000 crore disbursed by the Department of Expenditure, an amount of Rs. 4,597.16 crore has been released to 23 States and an amount of Rs. 402.84 crore has been released to the Union Territories (UTs) of Delhi, Jammu and Kashmir, and Puducherry.

The remaining five States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation, said the ministry.

"Till now, 86 per cent of the total estimated GST compensation shortfall has been released to the States and UTs," it added.

The States have received Rs. 86,729.93 crore and the UTs got Rs. 8,270.07 so far at an average interest rate of 4.7831 per cent.

The Central government had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs. 1.10 lakh crore in revenue arising on account of implementation of GST. The amount released this week was the 16th instalment provided at an interest of 4.6480 per cent.

In addition, the government also granted additional borrowing permission equivalent to 0.50 per cent of Gross States Domestic Product (GSDP), or Rs. 1,06,830 crore, to the 28 States.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST