States given Rs 75k cr as GST compensation

New Delhi, July 15

The Union Finance Ministry has released Rs 75,000 crore to the states and UTs with legislatures under the back-to-back loan facility in lieu of the GST revenue shortfall. The amount is in addition to normal GST compensation being released every two months out of the actual cess collection.

Imported vax: Customs to speed up clearance

New Delhi: The Central Board of Indirect Taxes and Customs has put in place a three-step Customs Response Plan (CRP) for instant clearance of imported vaccines. The CRP is based on the understanding that any delay in customs clearance will damage the vaccine. TNS

The ministry has frontloaded the release of assistance under the back-to-back loan facility during 2021-22 with Rs 75, 000 crore or almost 50% of the total shortfall for the entire year in a single instalment. The balance will be released in the second half of 2021-22 in steady instalments. The frontloading is to help the states plan their public expenditure. — TNS