GST Compensation

GST Compensation Cess

Goods and Services Tax - GST Compensation Cess is levied by the Goods and Services Tax (Compensation to States) Act 2017. The object of levying this cess is to compensate the states for the loss of revenue arising due to the implementation of GST on 1st July 2017 for a period of five years or such period as recommended by […]...

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41st GST Council Meeting- Gloomy picture for States

Goods and Services Tax - 41st GST Council meeting was held with the sole object of resolving the issue of lack of funds to compensate the states, which was initially promised to the States at the time of introduction of Goods and Service Tax Act....

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राज्यों की क्षतिपूर्ति का मामला – आखिर क्या हुआ जीएसटी की 41 वीं मीटिंग में

Goods and Services Tax - राज्यों की क्षतिपूर्ति का मामला आखिर क्या हुआ जीएसटी  की 41 वीं मीटिंग में कोविड -19 के प्रभाव से केंद्र और राज्यों के राजस्व में भार...

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Refund on Compensation Cess under GST regime

Goods and Services Tax - What is Compensation Cess :For the purpose of providing compensation to the States for any loss of revenue post GST regime, compensation cess (CC) provisions were introduced for a period of 5 years (till 30.6.2022). Following goods are covered [Schedule u/s 8(2) of GST (compensation) Act or CESS Act] on which CC would be levied […]...

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₹ 75,000 crore released to States & UTs with Legislature as GST Compensation shortfall

Goods and Services Tax - Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation.  This release is in addition to normal GST compensation being released every 2 months out of actual cess collection....

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Centre releases GST Compensation & IGST ad-hoc settlement amount to States/UTs

Goods and Services Tax - Centre releases Rs. 30,000 crore as GST Compensation as well as Rs. 28,000 crore as IGST ad-hoc settlement to the States/UTs. The total amount of compensation released so far for the year 2020-21 is Rs. 70,000 crore. As per the decision of GST Council, back to back loan of Rs. 1,10,208 crore has also been […]...

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100 percent of estimated GST compensation shortfall released

Goods and Services Tax - 100 percent of the estimated GST compensation shortfall of Rs.1.10 Lakh crore released. 20th Instalment of Rs. 4,104 crore released to the States on Monday, 15th March, 2021. The Ministry of Finance, Department of Expenditure has released the final weekly instalment of Rs.4,104 crore to the States to meet the GST compensation shortfall. O...

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GST compensation shortfall released to States reaches Rs. 1.06 lakh crore

Goods and Services Tax - The Ministry of Finance, Department of Expenditure has released the 19th weekly instalment of Rs. 2,104 crore to the States to meet the GST compensation shortfall. Out of this, an amount of Rs. 2,103.95 crore has been released to 7 States and an amount of Rs. 0.05 crore has been released to the Union Territory of Puducherry....

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Financial aid to states to meet GST compensation

Goods and Services Tax - In order to meet the shortfall in Goods and Services Tax (GST) compensation to be paid to States, the Government of India had set up a special borrowing window in October, 2020 to raise the estimated shortfall of Rs. 1.1 lakh crore....

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Compliance of GST (Compensation to States) Act, 2017 is Not Mandatory

G. Sundarrajan Vs Union of India (Madras High Court) - G. Sundarrajan Vs Union of India (Madras High Court) The issue under consideration is whether compliance of Goods and Services Tax (Compensation to States) Act, 2017 is mandatory? High Court states that, the mere employment of the word “shall” in Section 7(1) of the Goods and Services Tax (Compe...

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CBIC extends exemption from IGST & compensation cess to EOUs on imports

Notification No. 19/2021-Customs [G.S.R. 224(E).] - (30/03/2021) - Amendment to Notification No.52/2003-Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 31.03.2022 vide Notification No. 19/2021-Customs dated 30th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUST...

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13th Instalment of Rs. 6000 crore released to States to meet GST compensation shortfall

Release ID: 1692107 - (25/01/2021) - The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to...

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9th Instalment of Rs.6,000 crore released to States

Release ID: 1684149 - (28/12/2020) - 9th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.54,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 lakh crore granted to t...

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7th Instalment of Rs. 6000 crore released to States to meet GST compensation shortfall

Release ID: 1680565 - (14/12/2020) - 7th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of Rs.42,000 crore released so far to all States and UTs with legislation. This is in addition to additional borrowing permission of Rs.1,06,830 granted to the States....

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GST compensation shortfall – 6th Instalment of Rs.6000 crore released

Release ID: 1679433 - (09/12/2020) - The Ministry of Finance has released the weekly instalment of Rs. 6,000 crore to the States to meet the GST compensation shortfall.  Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States...

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Recent Posts in "GST Compensation"

₹ 75,000 crore released to States & UTs with Legislature as GST Compensation shortfall

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation.  This release is in addition to normal GST compensation being released every 2 months out of actual cess collection....

Read More

GST Compensation Cess

GST Compensation Cess is levied by the Goods and Services Tax (Compensation to States) Act 2017. The object of levying this cess is to compensate the states for the loss of revenue arising due to the implementation of GST on 1st July 2017 for a period of five years or such period as recommended by […]...

Read More

Centre releases GST Compensation & IGST ad-hoc settlement amount to States/UTs

Centre releases Rs. 30,000 crore as GST Compensation as well as Rs. 28,000 crore as IGST ad-hoc settlement to the States/UTs. The total amount of compensation released so far for the year 2020-21 is Rs. 70,000 crore. As per the decision of GST Council, back to back loan of Rs. 1,10,208 crore has also been […]...

Read More

CBIC extends exemption from IGST & compensation cess to EOUs on imports

Notification No. 19/2021-Customs [G.S.R. 224(E).] 30/03/2021

Amendment to Notification No.52/2003-Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 31.03.2022 vide Notification No. 19/2021-Customs dated 30th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) New Delhi Notification No. 19/2021-...

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100 percent of estimated GST compensation shortfall released

100 percent of the estimated GST compensation shortfall of Rs.1.10 Lakh crore released. 20th Instalment of Rs. 4,104 crore released to the States on Monday, 15th March, 2021. The Ministry of Finance, Department of Expenditure has released the final weekly instalment of Rs.4,104 crore to the States to meet the GST compensation shortfall. O...

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GST compensation shortfall released to States reaches Rs. 1.06 lakh crore

The Ministry of Finance, Department of Expenditure has released the 19th weekly instalment of Rs. 2,104 crore to the States to meet the GST compensation shortfall. Out of this, an amount of Rs. 2,103.95 crore has been released to 7 States and an amount of Rs. 0.05 crore has been released to the Union Territory of Puducherry....

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Financial aid to states to meet GST compensation

In order to meet the shortfall in Goods and Services Tax (GST) compensation to be paid to States, the Government of India had set up a special borrowing window in October, 2020 to raise the estimated shortfall of Rs. 1.1 lakh crore....

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GST compensation shortfall released to States reaches Rs. 1.04 Lakh crore

GST compensation shortfall released to States reaches Rs. 1.04 Lakh crore. 18th Instalment of Rs. 4,000 crore released to the States on Monday, 1st March, 2021. 94 percent of the estimated shortfall released...

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15th Instalment of Rs. 6000 crore released to States to meet GST compensation shortfall

15th Instalment of Rs.6,000 crore released to the States to meet the GST compensation shortfall. A total amount of Rs. 90,000 crore released so far to all States and UTs with legislature. This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States....

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14th Instalment of Rs. 6000 crore released to States

Ministry of Finance, Department of Expenditure has released 14th weekly instalment of Rs. 6,000 crore to States today to meet the GST compensation shortfall....

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