Goods and Services Tax (GST) taxpayers can pay GST dues in March through the Input Tax Credit (ITC) available in their credit ledger, the finance ministry said. The Central Indirect Tax and Customs Board (CBIC) said in a statement on Saturday that “the taxpayer is allowed to pay the Input Tax Credit under the law for the month of March GST.” GST collection for the fifth consecutive month was Rs 1 lakh crore in February. GST collection rose to Rs 1.13 lakh crore in February
1.10 lakh crore
The Finance Ministry has released the last installment of Rs 4,104 crore to the State and Union Territories to overcome the shortage of goods and services tax (GST) relief. Thus, the ministry has released a projected Rs 1.10 lakh crore to reduce this head in the current financial year.
1.10 lakh crore with this 20th installment to provide relief to states and central regions for the reduction of compensation for the financial year 2020-21. The full amount has been released, the finance ministry said. Of this, Rs 1,01,329 crore has been released to the States and Rs 8,879 crore to the three Union Territories. With the implementation of the GST, the Center has given states a special facility to collect debts in October 2020 to cover a reduction of Rs 1.10 lakh crore in revenue from States / UTs.
The Center continued to collect and transfer loans from the market until the facility was available on behalf of states and Union Territories. It opened on October 23, 2020 and was completed through 20 weekly installments. The central government has collected a total of Rs 1,10,208 crore under this facility at an average interest rate of 4.8473 rupees, the statement said.
