Finance Ministry To Disburse Rs 20,000 Crore Compensation Cess To States

Union Finance Minister (FM) Nirmala Sitharaman briefed the press after the 42nd Goods and Services Tax Council meeting on October 5. The minister stated that the compensation cess amount of Rs 20,000 crore will be distributed to the states by the night of October 5. She also stated that a committee, led by Bihar's Deputy CM Sushil Modi, has been constituted to deliberate on the issue of 'Integrated-GST'. She said Rs 24,000 crore of IGST will be disbursed, by the end of next week, to those states that had received less amount earlier. Besides, the Finance Ministry informed that the taxpayers with a turn over of Rs 5 crore or above can file returns every quarter from January 2021. However, tax payments can be made through challans every month. It further announced that Aadhar card and Pan cards are mandatory for the tax refunds. It has also exempted satellite launch services from GST to encourage domestic space sector.