The Finance Ministry has released Rs 9,871 crore as a grant to 17 states.

The Finance Ministry has released Rs 9,871 crore as a grant to 17 states.

The Finance Ministry announced on Tuesday that it had released the fifth monthly instalment of the revenue deficit assistance to 17 states, totalling Rs 9,871 crore. Article 275 of the Constitution provides the states with the Post Devolution Revenue Deficit Grant.

The grants are distributed in monthly instalments in accordance with the 15th Finance Commission’s recommendations to close the revenue gap in the governments’ accounts following devolution. The commission has recommended that the 17 states get this award in the years 2021-22.

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On August 9, 2021, the Department of Expenditure released the fifth monthly instalment of the Post Devolution Revenue Deficit (PDRD) grant to the states, totalling Rs 9,871 crore, according to a statement from the ministry.

In the current financial year, a total of Rs 49,355 crore has been distributed to eligible states.

Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand, and West Bengal are among the states nominated for the PDRD Grant by the Fifteenth Finance Commission.

E-way Bill blocking for non-payers will resume from August 15

In the financial year 2021-22, the Fifteenth Finance Commission has suggested a total PDRD Grant of Rs 1,18,452 crore for the 17 states. So far, Rs 49,355 crore (41.67 per cent) has been released from this total.

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Details on Simplified GST Returns – Taxpayer’s Profile

GST 2.0, known as the Simplified GST Returns is expected to just indirect taxation for the taxpayers, and give a lift to the economy in India. But, as is commonly said, “Rome was not built in a day” [Nor was it built upon age old methodologies], Simplified GST returns has been arranged and thought altogether along the course of its implementation. Also, to realize these expectations into reality, the streamlined returns is being made with few noteworthy updates and highlights. One such feature, that is planned for simplifying taxation for taxpayers is Taxpayer’s Profile.

There are three inquiries regarding taxpayer profile

 

 

The first question identifies with the turnover of earlier year. It should be chosen just once in the beginning of the year. If the response to the first question is Yes, at that point the taxpayer can file quarterly or monthly return according to his choice. If the response to the question is No, at that point taxpayer can just file monthly returns.

The next question identifies with the periodicity of the return filing. Whether taxpayer need to file quarterly returns or monthly returns. If the taxpayer says Yes, then dependent on the sort of transactions he can file Sahaj, Sugam or Quarterly (Normal) return. If the appropriate response is no, then Monthly Normal return would be pertinent to him. This question will likewise be applicable in the beginning of the year. When chosen as monthly the taxpayer can’t opt for quarterly returns for the whole year and vice versa.

The third question identifies with the type of return which the taxpayer needs to file. The answer to this question relies upon the type of transactions the taxpayer has entered into.

 

In case of type of return the taxpayer has an option to change the kind of return which he/she needs to file. Following table clarifies the details of the same:

In other words, upward change in return is permitted toward the start of every quarter based on the type of transactions entered in the quarter though descending change is permitted just once toward the start of the year.

Enquire with Certicom Consulting for any queries.