New Delhi: The GST Council met today under the chairmanship of Finance Minister Nirmala Sitharaman. After the meeting, Nirmala Sitharaman said that Rs 20,000 crore received from the compensation cess would be distributed among the states. States will receive the amount tonight. The GST Council has decided to continue the compensation cess even after June 2022. The GST Council will meet once again on October 12. In which the issue of state compensation will be discussed.
Nirmala Sitharaman said 21 states opted for the options proposed by the Center. But some states did not choose any option. In a way the issue of GST compensation was not resolved in the meeting. So it was decided to discuss this issue further. The next meeting of the council will be on October 12.
He further said that this kind of situation has arisen due to the crisis of Koro. No one had ever imagined such a situation before. It is not the case that the central government is sitting on the funds, and refusing to give. We have to borrow funds. He said Bihar Finance Minister Sushil Kumar Modi had suggested that all people should meet again to discuss the option of borrowing. So we will meet again on October 12 and discuss this issue.
Sitharaman said the IGST of Rs 24,000 crore would be given to those states which had earlier received less. Which will be announced next week. Finance Secretary Ajay Bhushan Pandey said taxpayers who have an annual turnover of less than Rs 5 crore are not required to file monthly returns i.e. GSTR3B and GSTR1 from January. All you have to do is file a quarterly return.
It was decided at the meeting that the compensation cess on luxury and many other items would be extended beyond 2022. This means that the compensation cess will continue to apply to products like cars and cigarettes. This decision will be taken to protect the states from harm.
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