GST NEWS BULLETIN

CBIC issued guidelines for disallowing debit of electronic credit ledger under rule 86A of the CGST Rules.

CBIC vide CBEC-20/16/05/2021-GST/1552 dated 02-11-2021 has issued guidelines on disallowing debit of electronic credit ledger under rule 86A of CGST rules 2017

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Central Government releases Rs. 17,000 Crore as GST Compensation to States/UT’s

The Central Government has released GST Compensation of Rs. 17,000 Crores to States. The total amount of compensation released to the States/UTs so far including the aforesaid amount during the year 2021-22 is Rs. 60,000 Crores. As per the decision of GST Council, back-to-back loan of Rs.1.59 lakh crore has already been released in lieu of shortfall in release of GST Compensation during the current financial year

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GST Collection amounting to Rs 1,30,127 Crore for the Month of October 2021, highest since implementation of GST.

CBIC vide press release has announced that gross GST revenue collected in the month of October 2021 is ₹ 1,30,127 crore of which CGST is ₹ 23,861 crore, SGST is ₹ 30,421 crore, IGST is ₹ 67,361 crore (including ₹ 32,998 crore collected on import of goods) and Cess is ₹ 8,484 crore (including ₹ 699 crore collected on import of goods).

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Maharashtra Customs issued procedure for utilising the MEIS scrip for payment of Custom duty

Office of the Commissioner of Customs (NS-I), Maharashtra issued Public Notice No. 92/2021 dated November 01, 2021 w.r.t. utilisation of MEIS scrip for import in absence of mandatory recording of transfer details facility on Directorate General of Foreign Trade (“DGFT”) website.

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