GST Compensation: Rs. GST compensation – Nirmala Sitharaman – gst: rs 20,000 crore compensation cess to be disbursed to all states: nirmala sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman told reporters after the 42nd meeting of the GST board that Rs 20,000 crore collected through Cess this year would be distributed on Monday night in connection with the GST loss compensation for the states.

Nirmala Sitharaman said that Rs 24,000 crore related to IGST will be distributed to the states next week.

The GST implementation and the compensation for the impact of the Kovid Crisis should be fully distributed to the State Governments in the current line. The 10 states have demanded that the central government get the credit. “The decision has been postponed to the next meeting on October 12,” Finance Minister Thomas Isaac tweeted.

Relief to GST taxpayers

From January 1, transactions worth less than Rs 5 crore per annum are not required to submit GSTR3B and GSTR1 monthly. Minister Nirmala Sitharaman said that they should submit quarterly returns.
GST exemption for satellite launches. Taxpayers with a turnover of more than Rs 5 crore per annum from next April need to refer to the 6-figure HSN.