Bihar and Punjab state GST update of April, May and June
The state’s revenue collection has collapsed within the half-moon of the fiscal year 2020-21 ie April, May, and June thanks to Corona transition. In such a situation, Bihar will demand the payment of the compensation amount for the primary quarter of the year 2020-21 within the upcoming GST Council meeting.
It has been almost a month and a half since the primary quarter, but the state has not yet been reimbursed this year’s compensation. The Commerce Tax Department estimates that the state is estimated to receive quite Rs 600 crore as compensation.
The state received 5,307 crore
as GST compensation in 2019-20. Bihar has received a complete of 5,307 crores as GST compensation within the last fiscal year 2019-20. Its last installment was Rs 425 crore received by the government last month. However, within the last fiscal year, the state government’s own GST collection was on the brink of the target, if the VAT collection from petrochemical products was also included, there was a budget-friendly revenue collection.
The effect of Corona began to seem within the last month of the last fiscal year i.e. March. It’s noteworthy that after the implementation of GST, the central government has guaranteed a 14 percent tax increase per annum to the states. Provision for compensation was made within the event of low collection. Bihar’s total collection under GST stood at Rs 16,008.46 crore in 2019-20, while the middle had guaranteed 21,315.60 crores. During this case, compensation of Rs 5,307.14 crore was made within the collection of 2019-20.
Investigating agencies have camped at the offices of well-known agent Vinay Hari in Jalandhar city on Thursday. Nearly three locations of Vinay Hari are being investigated by the team of tax and GST. The investigation is on by sealing out the offices.
According to the knowledge received, on Thursday evening, tax and GST teams from Delhi, Amritsar and Ludhiana reached to survey the agent Vinay Hari. The team also includes Superintendent Ajay Kumar of the Central GST Department. The team sealed the offices at three locations of Vinay Hari as soon as they arrived. Nobody is allowed in and out.
If sources are to be believed, the agent Vinay Hari has been questioned regarding the non-payment of tax on behalf of the team that came to raid. In response to the present, thanks to the corona lockdown, the work has been said to not work. However, this can’t be confirmed, as neither has been talked to agent Vinay Hari yet. The official isn’t able to say anything during this regard.