Compensation cess of Rs 20,000 cr to be disbursed to states tonight: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman on Monday announced that this year's compensation cess collected, amounting to Rs 20,000 crore, will be disbursed to the states tonight.
Finance Minister Nirmala Sitharaman after the 42nd GST Council meeting, said that "This year's compensation cess collected amounting to Rs 20,000 crores will be disbursed to the States tonight."
Talking about the outcomes of the 42nd GST Council meeting, Nirmala Sitharaman said that "Rs 24,000 Crores of IGST to be released to the States that had received less earlier, will be disbursed by the end of next week."
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Meanwhile, the Finance Secretary Ajay Bhushan Pandey, after the 42nd GST Council meeting, said that "From the first of January onwards, the taxpayers whose annual turnover is less than Rs 5 crores will not be required to file monthly returns i.e GSTR 3B and GSTR1."
Adding, Pandey said that "They will only file quarterly returns."
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He further said, "GST Council's decision to make returns for small taxpayers on a quarterly basis rather than monthly basis will be a major relief to small taxpayers."
"The number of returns comes down from 24 monthly returns to 8 returns, from 1st January 2021," the Finance Secretary added.
As per the report, the Centre, in September, had given states two options to either borrow Rs 97,000 crore from a special window facilitated by the Reserve Bank of India (RBI) or Rs 2.35 lakh crore from the market.
Nirmala Sitharaman informed that "Nobody is going to be denied the compensation which has arisen out of implementation of GST and COVID impact. A discussion with States is on. Around 20 States have written that they opt for Option 1."
-PTC News
