Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Maharashtra Awaiting Rs 15,558 Crore Dues Including GST Compensation, Says Uddhav Thackeray

In his letter to Union Finance Minister Nirmala Sitharaman, the CM has sought immediate release of the amount.

PTI

Updated:December 11, 2019, 4:12 PM IST
facebookTwitter Pocket whatsapp
Maharashtra Awaiting Rs 15,558 Crore Dues Including GST Compensation, Says Uddhav Thackeray
Maharashtra Chief Minister Uddhav Thackeray. (Image: Twitter/ANI)

Mumbai: The Maharashtra government is awaiting "legitimate dues" of Rs 15,558.05 crore comprising GST compensation upto November 2019 from the Centre, Chief Minister Uddhav Thackeray has stated.

In his letter to Union Finance Minister Nirmala Sitharaman, the CM has sought immediate release of the amount. The copy of the CM's letter was made available to media by his office on Wednesday.

"The pending dues include Rs 6946.29 core of tax devolution and Rs 8611.76 crore towards GST compensation," it stated.

"As per the Union budget 2019-20, the tax devolution to Maharashtra was Rs 46,630.66 crore which is 11.15 per cent more than Rs 41952.65 crore received by the state during 2018-19. But, the state has received only Rs 20254.92 crore till October 2019 which is 25.53 per cent less compared to the budget estimate of 2019-20.

"Instead of receiving the enhanced amount, the state has received less than the budgeted amount. With further slowdown of the economy during the second quarter, it's likely that there will be further reduction in tax devolution," the letter said.

It also expressed fear of a shortfall in GST collections compared to the benchmark growth of 14 per cent due to the slowdown in the economy.

"During the current financial year, we have received Rs 5635 crore as GST compensation for the first four months only. However, an amount of Rs 8611.76 crore is due towards the GST compensation upto November 2019, he said.

The letter further stated that Integrated GST (IGST) settlement was done during 2017-18 based on tax devolution formula of the Finance Commission, instead of the formula adopted for such settlement.

"As per the latest CAG report, for the year ended March 2018, the IGST settlement for many transactions is not happening," it stated.

"The state is awaiting legitimate dues of Rs 15,558.05 crore from the Centre. The state is also suffering due to the shortfall in tax devolution. Timely release of GST compensation and tax devolution amount will help my state to manage finances efficiently," the letter stated.

In a meeting with finance ministers of Punjab, Kerala, Delhi, Rajasthan, Chhattisgarh, and Madhya Pradesh last week, Sitharaman had assured that GST compensation due to them for August and September will be released soon. She, however, did not specify a timeline.

Thackeray heads a coalition government of the Shiv Sena, NCP and Congress, which came to power last month. The BJP-led NDA government headed Maharashtra prior to the October 21 assembly polls.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results