Finance Ministry releases 9th installment of Rs 6000 crore to offset GST revenue
The Finance Ministry on Monday released the 9th weekly installment of six thousand crore rupees to catch up on the possible reduction within the Goods and Services Tax (GST) revenue of the states. So far 54,000 crore rupees are released to the States / Union Territories through this medium. The Finance Ministry gave this information during a statement.
It is noteworthy that thanks to the implementation of GST, the middle started a special loan facility in October to compensate the estimated 1.10 lakh crore rupees within the revenue of the states during the present fiscal year. The ministry said, ‘Of this, Rs 5,516.60 crore has been released to 23 states. Aside from this, Rs 483.40 crore has been released to 3 union territories Delhi, Jammu and Kashmir, and Puducherry.
The Center said that the loan was taken at an interest of 5.15 percent in the week. So far, the central government has availed a loan of Rs 54,000 crore under this facility at an interest of 4.74 percent.
The implementation of GST within the remaining five states Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim didn’t end in any decline in their revenue. So far, installments are released by the middle to the states on October 23, All Souls’ Day, November 9, November 23, December 1, December 7, December 14, December 21, and December 28.
Finance Ministry released 9th installment
AAR Karnataka has said that albeit a carry bag is employed for brand promotion, GST will need to be paid thereon. This decision has come on the appeal of Page Industries. Companies will not tend to input a decrease in gifts given to customers for brand promotion. For brand promotion, companies will now need to pay GST on things like calendars, diaries, pens alongside the merchandise.
GST also will be imposed on the utilization of carrying bags for brand promotion
AAR Karnataka has said that albeit a carry bag is employed for brand promotion, GST will need to be paid thereon. This decision has come on the appeal of Page Industries. Page Industries, which sells jockey brand innerwear, gets some gift products made for the promotion of its brand and provides it to point out rooms and dealers. Calendar and diaries are displayed within the showroom. The corporate says that these are promotional items, hence GST shouldn’t be imposed thereon.
Difference between Retireable and Non-Retarable items
But the AAR has differentiated between retires and non-retractable items. Calendars, pens, diary bags etc. are covered under non-returnable items and GST is payable on them. It says that the input decrease is out there on the retransmission promotion item.