NEW DELHI: Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion.
Days after the Comptroller and Auditor General (CAG) flagged that the Centre in first two years of the GST implementation wrongly retained GST compensation cess that was meant to be used specifically to compensate states for loss of revenue, ministry sources said compensation due for the year 2017-18 and 2018-19 was fully paid to states.
Time taken in reconciliation of compensation receipts can’t be termed as diversion of GST cess fund when the dues to states were fully released by the central government, they said.
Sources said that in 2017-18, Rs 62,611 crore was collected, out of which the government released full compensation dues of Rs 41,146 crore to the states and union territories (UTs).
In 2018-19, an amount of Rs 95,081 crore was collected, out of which Rs 69,275 crore was paid as full compensation dues to states and UTs.
They said an amount of Rs 47,271 crore collected in the 2017-18 and 2018-19 had remained unutilised for reconciliation post full payment of GST compensation dues.
Esta historia es de la edición September 27, 2020 de Millennium Post Delhi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September 27, 2020 de Millennium Post Delhi.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
Days After Postponing India Visit, Tesla Chief Musk Arrives In China
Tesla has faced fierce competition from Chinese EV makers in past few years
Extreme Heat In Asia Leads To School Closures, Health Warnings
South and Southeast Asia braced for more extreme heat on Sunday as authorities across the region issued health warnings and residents fled to parks and air-conditioned malls for relief.
KKR Wary Of Resurgent DC, Marauding McGurk
A resurgent Delhi Capitals will look to exploit Kolkata Knight Riders' bowling vulnerabilities and ascend to top-four in the table during their Indian Premier League match here on Monday.
Kohli And Jacks Power Rcb To Comfortable Win Over Titans
Will Jacks slammed a sensational hundred while Virat Kohli upped his game in the middle overs as Royal Challengers Bengaluru outplayed Gujarat Titans by nine wickets in the IPL here on Sunday.
Shooter Maheshwari locks 21st Paris Olympic quota spot
Shooter Maheshwari Chauhan on Sunday sealed India's 21st quota place for the Paris Olympics by winning a silver medal in the women's skeet event on the concluding day of the ISSF Final Olympic Qualification Championship Shotgun in Doha.
As many as 448 infrastructure projects hit by cost overrun of 5.55 lakh cr in Oct-Dec, 2023
As many as 448 infrastructure projects, each entailing an investment of Rs 150 crore or above, were hit by cost overrun of more than Rs 5.55 lakh crore during December quarter 2023, an official report stated.
Monetary policy expectations impact stock markets: RBI
‘Regulatory development measures, announced along with monetary policy too impact the stock markets’
China's share in India's imports jump to 30% in last 15 yrs: Report
‘The growing trade deficit with China is a cause of concern’
From Karachi to Chennai: Pakistani teen Ayesha Rashan's journey for a new heart
Ayesha’s heart transplant in India highlights challenges faced by the patients in neighbouring countries
Study predicts accelerated warming of Indian Ocean with catastrophic consequences
‘The Indian Ocean is expected to experience surface warming of 1.4 degrees Celsius to 3 degrees Celsius between 2020 and 2100’
