Ministry of Finance has released today ₹75,000 crores to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. This release is in addition to normal GST compensation being released
Post-implementation of the Goods and Services Tax (GST) laws which aims at “One nation, One Tax, One Market,” the Central Government has reportedly released Rs 8,698 crore to States to compensate them for revenue loss
A two-judge bench of the Supreme Court has today upheld the validity of the Goods and Services Tax (Compensation to States) Act, 2017 enacted by Parliament as well as the Goods and Services Tax Compensation
The Mumbai Bench of Income Tax Appellate Tribunal has held that the assessee can avail relief on terminal compensation since compensation received by the assessee as salary received in advance. The appellant, Suryaji Shriram Patekar
Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs
The Central Government notified the Goods and Services Tax Compensation Cess Rules, 2017. The Government, in order to compensate the loss of the manufacturing States under the new indirect tax regime, has introduced a new
As the President gave assent to the GST (Compensation to States) Amendment Bill, 2017, the parliament has, now enacted the Act enabling an increase in the Goods and Services Tax (GST) cess on motor vehicles,
The Central Government has revealed Amount of GST Compensation Paid to States till February 2018. The Government is providing claims to the States under GST. As per provisions in Section 7 of the GST (Compensation
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition made on the corpus fund and held that the receipt of compensation for hardship is in the nature of capital receipt and
The Central Board of Excise and Customs (CBEC) has clarified that exporter is eligible for refund of GST Compensation Cess in respect of goods exported by him. The Board has explained this in a circular
The Central Government has recently released the GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation up to 2019-20 has been released to States. The total amount
The Central Government notified the rates of compensation cess applicable to specified services under the new indirect tax regime. As per the notification, for the services like transfer of the right to use any goods
The Delhi High Court directed the Oriental Insurance Company to pay interest on compensation from the date of filing to the realization of compensation as directed by the Tribunal as the insurance company failed to
The Ministry of Finance, Department of Expenditure has released the 14th weekly installment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore
Recently, the Central Board of Direct Taxes (CBDT) clarified that the compensation received in respect of acquisition of both agricultural and non-agricultural land are exempted from Income Tax. Normally, the agricultural land is not a