Economy News

Finance Ministry: GST dues to states total Rs 79,000 crore for FY22:

The Union finance ministry announced on Wednesday that the States owed Rs 78,704 crore in compensation in lieu of goods and services tax (GST) for the financial year 2021-22 (FY22), which is equivalent to four months’ compensation.

It also said that all dues for FY21 had been paid. It has so far disbursed Rs 7.35 trillion to states, including aid that has been disbursed on a back-to-back basis. Compensation for FY22 is pending due to a lack of funds in the fund, according to the government. It went on to say that there are no outstanding dues for FY21 because the States were paid a total of Rs 2.78 trillion in compensation throughout the year. Compensation for the ten months beginning in April of any financial year is usually released within that year, while compensation for February and March is usually released the following year.

States have already received compensation for eight of the ten months of FY22. The pending sum will be released after the cess money is received in the compensation fund, according to the ministry.

Related posts
Economic NewsEconomy NewsNews

650% Surge: Multibagger Stock Declares 1:1 Bonus.

Extra offers 2023: Thangamayil Gems shares are one of the multibagger stocks that Indian financial…
Read more
Economic NewsEconomy News

Non-Taxable Income! Charge isn't relevant to these 5 income

The Annual Duty Division in India charges no assessment on pay acquired through specific means.
Read more
BOJEconomy News

BOJ keeps Record-Low Rates Unchanged, Maintains Yield Curve Control

The Bank of Japan (BOJ) kept its benchmark interest rates unchanged as expected on Wednesday, and…
Read more
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you. [mc4wp_form id="729"]

Leave a Reply

Your email address will not be published. Required fields are marked *