The Central Government last day notified the Goods and Services Tax (GST) Settlement of Funds Rules, 2017 wherein a new provision has been added that the Central Government can provisionally settle any sum of IGST collected in a particular financial year which has not been settled.
The Goods and Services Tax Settlement of Funds Rules, 2017 which regulates the distribution of tax among the States under the newly implemented Goods and Services Tax (GST) regime. The Collected under GST by the Central Government be apportioned and distributed among the states. The Distribution of GST to states from the CG varies from situation to situation and is different in case of Imported Goods.
As per the amendment, a new sub-rule has been inserted in Rule 11 which stated that “At any point of time in any particular financial year, the Central Government may, on the recommendations of the Goods and Services Tax Council, provisionally settle any sum of integrated goods and services tax collected in that particular financial year which has not been settled so far.”
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