GST Council Meeting: Rs 20,000 Crore Compensation Cess And Other Points You Need to Know
Finance Minister Nirmala Sitharaman chaired the GST Council Meeting on Monday, at the conclusion of which the union government stated in a release that a compensation cess of Rs 20,000 crore will be disbursed to the state governments. By the end of the next week, Rs 24,000 crore IGST will be distributed to the states, which collected less than their actual share.
Here are other major announcements from the GST Council Meeting:
*States that received more tax than their due share do not need to return it back to the government.
*No monthly returns for taxpayers with annual turnover less than Rs 5 crore from January 1 onwards.
*These taxpayers will only file quarterly returns.
*The GST Council will meet again on October 12 to discuss on compensating states that demand clearance of the GST dues.
*The satellite launch services by ISRO and Antrix have been exempted by the GST Council.
The 42nd GST Council Meeting was chaired by Finance Minister Sitharaman via video conferencing in New Delhi on Monday. Union Minister of State for Finance & Corporate Affairs, Anurag Thakur attended the meeting besides Finance Ministers of States & UTs and Senior officers from Union Government & States.
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