CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

States including Punjab, Kerala, and Delhi have sought the Government of India for extension of goods and services tax (GST) compensation to the states for how much time beyond 2022?

A	3 years
B	2 Years
C	1 Years
D	5 Years

Explanation:

Detailed explanation-1: -The government on Tuesday informed Rajya Sabha that GST compensation of Rs 17, 176 crore is pending to states as on June 2022.

Detailed explanation-2: -2022 towards the balance GST compensation for the period April to June, 2022 (State-wise details as per Table below). The total amount of compensation released to the States/UTs so far, including the aforesaid amount, during the year 2022-23 is Rs. 1, 15, 662 crore.

Detailed explanation-3: -GST Council has recommended extending the period of levy of GST Compensation cess beyond June 2022 to cover the entire shortfall as well as servicing the back-to-back loan released to states.

Detailed explanation-4: -Tamil Nadu was among the top five GST compensation receiving States during the five-year transition period from July 2017 to June 2022, according to a study by the Reserve Bank of India (RBI).

There is 1 question to complete.