The extension of the GST compensation window is not for states
The extension of the GST offset levy has been made possible to repay the loan made in the past to pay the promised compensation to states.
The central government has extended the compensation levy for the Goods and Services Tax (GST) until March 2026, it emerged on Friday, June 24. However, this extension of the compensation window is not for states, the report said. The extension of the GST offset levy has been made possible to repay the loan made in the past to pay the promised compensation to states.
“In the exercise of the powers granted by paragraph (2) of Article 12, read with Article 8 of the Compensation to States for Goods and Services Act, 2017 (15 of 2017), the national government has, on the advice of the Council, hereby set the following rule ”, was stated in an extraordinary official gazette of the Ministry of Finance on Friday.
“The period for levying and collecting taxes under subsection (1) of Section 8 of the Goods and Services Tax (Compensation to States) Act, 2017) runs through March 31, 2026.
The extension has been ordered to repay the loan made in the past to pay the promised compensation to states. The extension of the GST levy will also help pay compensation to states due for the month of May and June 2022.
(Details to be added soon)
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