Several decisions were taken at the 42nd meeting of GST Council held on Monday with Finance Minister Nirmala Sitharaman stating that compensation cess collected this year amounting to about Rs 20,000 crore will get disbursed to all states by tonight.
Briefing reporters after the GST meeting, she said the GST Council has taken up the long-pending issue of Integrated Goods and Services Tax. Earlier there was no formula for devolution of Integrated Goods and Services Tax (IGST), which had resulted in several anomalies in its distribution, she said.
This year till now, whatever has been collected under the Compensation cess which is approximately 20,000 crore will get disbursed by tonight to all the states: Finance Minister @nsitharaman pic.twitter.com/sXOUn9JkX5
— PIB India (@PIB_India) October 5, 2020
The minister said that compensation cess collected this year so far, amounting to about Rs. 20,000 crore, will get disbursed to all states tonight. A committee under the chairmanship of Bihar Deputy Chief Minister Sushil Modi has been formed to settle the issue of IGST.