Manpreet Badal seeks early release of GST arrears from Nirmala Sitharaman
KI Singh/ royalpatiala.in/ Chandigarh
Punjab Finance Minister Manpreet Singh Badal met the Union Finance Minister Nirmala Sitharaman and sought the early release of GST arrears, which are due to the state. Badal stated that the release of Punjab’s share was crucial, since its delay is impeding regular and routine functioning.
The Union Minister Nirmala Sitharaman assured Manpreet Singh Badal of the highest consideration on the above issues.
The Punjab Finance Minister also took up issues of Punjab, which were pending with the Union Government, particularly the exemption of service tax on long-term leafing of land.
While Manpreet Badal seeks early release of GST arrears from Nirmala Sitharaman, he shared the details of the new and ambitious industrial policy of Punjab that has been formulated recently. “There is an urgent need to industrialize the state, and we need the cooperation and support to implement the new industrial policy at the earliest,” Manpreet Badal said.
In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST.
October,30,2019
