Central Government announced to release Rs 20,000 crore to states at 42nd GST Council Meet

Central Government announced to release Rs 20,000 crore to states at 42nd GST Council Meet. Finance Ministry held 42nd GST Council on 06th October 2020. On that meeting Finance Minister Nirmala Sitharaman announced Rs.20 thousand crore rupees to the states from the amount collected as compensation cess this year.

Highlights:

• The dues of IGST of Rs 24,000 crores are to be given to those states that were paid less earlier.
• The GST Compensation Cess levy has been extended beyond 2022.
• The states may borrow Rs 1.1 lakh crores instead of Rs 97,00 crores as fixed in the earlier GST Council meet.
• Nearly 20 to 21 states chose the facility given by the central government which allowed the states to borrow to cover the compensation shortfall.

About GST Council:

• Goods & Services Tax Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
• As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A.

About Finance Ministry:

• Union Minister: Nirmala Sitharaman
• Minister of State: Anurag Singh Thakur

Related Questions:

1) The GST Council has fixed the threshold limit for exemption of tax to be – 20 lakh

2) Who is the highest authority for appeals under GST? – Supreme Court

3) GST is slated to replace what kinds of taxes? – Service tax, Central excise tax & Entertainment tax

4) Which of the following is the highest tax slab of GST? – 28%

5) How many digits are there in the GSTIN (Goods and Services Tax Identification) number? – 15

6) India followed the dual-mode of Goods and Service Tax from which of the following country? – Canada

7) Who was appointed the head of the first committee to design a GST model? – Asim Dasgupta

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