Compensation Cess Of Rs 20K Crore To Be Given To States Tonight: Finance Minister
New Delhi: Compensation cess amounting to Rs 20,000 crore, which has been collected so far this year, will be disbursed to all states by Monday night, it was decided at the 42nd Goods and Services Tax (GST) Council meeting.
Also, Rs 25,000 crore towards Integrated Goods and Services Tax (IGST) of 2017-18 will be released by next week.
In another significant decision, finance minister Nirmala Sitharaman told newspersons after the meeting that the GST Council has extended compensation cess beyond June 2022.
The due date of furnishing quarterly GSTR-1 by quarterly taxpayers will be revised to 13th of the month succeeding the quarter with effect from January 1, 2021.
Among other recommendatons, the roadmap for auto-generation of GSTR-3B from GSTR-1s will be by:
- i) Auto-population of liability from own GSTR-1 with effect from January 1, 2021
- ii) Auto-population of input tax credit from suppliers’ GSTR-1s through the newly developed facility in Form GSTR-2B for monthly filers with effect from January 1, 2021 and for quarterly filers with effect from April 1, 2021.