The Centre owes the States/UTs Rs. 30,000 crore in GST compensation and Rs. 28,000 crore in IGST ad-hoc settlement
On March 27, 2021, the Central Government released GST Compensation of Rs. 30,000 crore to States as part of the compensation available for FY 2020-21. So far, reimbursement for the fiscal year 2020-21 has totalled Rs. 70,000 crore. According to the GST Council’s decision, a back-to-back loan of Rs. 1,10,208 crore has also been issued to cover the shortfall in GST Compensation for FY 2020-21. In addition, on March 30, 2021, the Centre released Rs. 28,000 crore (Rs. 14,000 crore to States and Rs. 14,000 crores to the Centre) as part of an ad-hoc IGST settlement.
After accounting for GST Payments, back-to-back loans, and ad-hoc IGST settlements, the GST Compensation balance for FY 2020-21 is expected to be about Rs. 63,000 crore.
Upgradation to the paperless method for issuing Industrial Entrepreneur Memorandums (IEM)
The DPIIT has updated its Industrial Entrepreneurs Memorandum (IEM) platform in order to boost ease of doing business and transparency. The upgraded portal provides a single IEM for a single organisation, allowing it to collect information from all of its locations and sectors.
This single form would streamline the process of filling out investment intentions (IEM-Part A) and reporting the start of output (IEM-Part B). Any revisions to IEMs that have already been filed are also simple to make. This approach removes the need for redundant data entry.
All approvals will be transmitted to applicants via email and SMS in a fully paperless manner. Simultaneous information would be sent to the state governments in question. The G2B portal, which can be found at http://services.dipp.gov.in, can be used to send an application and receive an IEM certificate.
The G2B Portal is managed by DPIIT and is used to accept applications from Industrial Entrepreneurs who want to file an Industrial Entrepreneurs Memorandum (IEM) under the Industries (Development and Regulation) Act, 1951.