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GST: Centre releases Rs 24,500 cr compensation, Karnataka gets maximum share

 

New Delhi: The revenue loss to states on account of GST implementation was Rs 24,500 crore between July-October and the Centre has released compensation to make up for it, Parliament was informed today.

As per the details of GST compensation released to states as on November 30, Karnataka got maximum compensation from the Centre at Rs 3,271 crore, followed by Gujarat (Rs 2,282 crore) and Punjab (Rs 2,098 crore). “…the revenue loss due to implementation of GST to the states for month of July to October has been estimated Rs 24,500 crore and the same amount has been released to the states as compensation to make up for the loss of revenue on bi-monthly basis for the month of July-August, 2017, and September-October, 2017,” Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Lok Sabha.

Under the Goods and Services Tax (GST) regime, a cess is levied on luxury, demerit and sin goods to make good the loss suffered by the states on account of roll out of the new indirect tax regime. This is levied on top of the highest tax rate of 28 per cent on this goods.

“Since the rate of cess shall be such so as to maintain the pre-GST tax incidence on such goods therefore there may not be much difference in total tax incidence (tax plus cess) on these goods between the pre-GST and post-GST regime,” Shukla said. The other states that required hefty compensation include Rajasthan (Rs 1,911 crore), Bihar (Rs 1,746 crore), Uttar Pradesh (Rs 1,520 crore), West Bengal (Rs 1,008 crore) and Odisha (Rs 1,020 crore).

In a separate reply, Shukla said the GST anti-profiteering authority has till December 26 received 169 complaints alleging suppliers of goods have not passed on benefit of cost reduction to customers.

Deadline for filing final GST returns extended till Jan 10

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said.

Businesses with a turnover of up to Rs 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017, earlier.

For businesses with a turnover of more than Rs 1.5 crore GSTR-1 has to be filed for the period July-November by January 10.

Earlier these businesses were required to file the GSTR-1 return for July-October by December 31 and that for November through January 10.

For the month of December, GSTR-1 is to be filed by February 10 and for subsequent months, it would be the 10th day of the succeeding month.

The GST Council had in November allowed businesses with a turnover of up to Rs 1.5 crore to file final returns GSTR-1 quarterly.

Businesses with a turnover of up to Rs 1.5 crore will have to file returns by February 15 for the period October- December and that for January-March by April 30. (PTI)

 

 

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