LATEST GST UPDATE

GST Payment Pattern Changed Unilaterally

At the pre-Budget meeting of state finance ministers, Punjab finance minister Manpreet Singh Badal rued that the cash flows of the state have been seriously impacted by the Centre’s “unilateral decision” to adopt new pattern in transferring the devolutions of the state share in taxes as per the recommendations of the finance commission as also the transfer of state share in CGST and IGST.

The delay in release of the compensation had resulted in financial crunch faced in the state. The Centre on Monday sanctioned release of Rs 2,228 crore as grant-in-aid, even as Punjab had claimed arrears of Rs 4,100 in November. “The state, with hardship, has been able to cope up with this unilateral decision, but has again been hit hard by the unending delay in release of its compensation of assured revenues of GST,” said Manpreet.

Source: Times of India

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