Govt Notifies GST Settlement of Funds (Second Amendment) Rules [Read Notification]

GST Settlement of Funds

The Central Government on Monday notified the Goods and Services Tax Settlement of Funds (Second Amendment) Rules, 2018 which allows provisional settlement of Integrated Tax.

As per the amended rules, at any point of time in any particular financial year, the Central Government may, on the recommendations of the Council, provisionally settle any sum of integrated goods and services tax collected in that particular financial year which has not been settled so far which will be adjusted in the subsequent month(s)/year(s), based on the returns filed by the taxpayers.

The revenue 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.

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