Compensation cess of Rs 20,000 crore to be distributed to states tonight: Nirmala Sitharaman
Oct 05, 2020
New Delhi [India], October 5 : 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.
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.
