News Update

Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
Centre releases 18th instalment of Rs 4,000Cr to States to meet GST shortfall

By TIOL News Service

NEW DELHI, MAR 01, 2021: THE Finance Ministry on Monday said it released the 18th weekly instalment of Rs. 4,000 crore to the States to meet the shortfall arising from the implementation of the Goods and Services Tax (GST), taking the total funds disbursed so far to Rs. 1.04 lakh crore.

The Department of Expenditure on February 26 released an amount of Rs. 3,677.74 crore to 23 States and Rs. 322.26 crore to the three 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.

The amount released this week has been borrowed at an interest rate of 4.7924 per cent.

The Centre 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 the GST. The borrowings are being done through this window by the government on behalf of the States and UTs.

Starting October 23, 2020, 18 rounds of borrowings have been completed so far. “ Till now, 94 percent of the total estimated GST compensation shortfall has been released to the States and Union Territories (UTs),” it added.

So far, an amount of Rs. 1,04,000 crore has been borrowed by the Central government through the special borrowing window at an weighted average interest rate of 4.8236 per cent. Out of this, an amount of Rs. 95,138.08 crore has been released to the States and an amount of Rs. 8,861.92 crore has been released to the three UTs.

In addition to providing funds through the special borrowing window to meet the GST shortfall, the government also granted additional borrowing permission equivalent to 0.50 per cent of the Gross States Domestic Product (GSDP), Rs. 1,06,830 crore, to the States to help them in mobilising additional financial resources.


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023