Scheme of budgetary support for cash component of CGST and IGST

Pursuant to decision of the Cabinet Committee on Economic Affairs for grant of budgetary support equal to Central share of the cash component of CGST and IGST paid by the affected eligible industrial units for the residual period in the States of North Eastern region and Himalayan States, a scheme of budgetary support has been notified by the Department of Industrial policy and Promotion (DIPP) vide notification dated 05.10.2017 and can be accessed at http://dipp.nic.in/budgetary-support-under-gst-regime.

The amount of such budgetary support under the scheme shall be the sum total of 58 percent of the Central tax paid and 29 percent of the integrated tax paid through debit in the cash ledger account maintained by the units.

To claim budgetary support for the quarter ending September 2017, it has been decided that unit would be registered by filing an application manually. The sanctioned amount shall be credited into the bank account of the beneficiaries through the PFMS platform.

Circulars providing the application form and the procedure to be adopted by the units has been issued on 27th November 2017 and 30thNovember 2017 by CBEC, which can be accessed at www.cbec.gov.in under Central Excise. This can also be accessed at http://dipp.nic.in/budgetary-support-under-gst-regime.

Powered by Capital Market - Live News