Source: The Economic Times, Sept. 30, 2018
As much as Rs 29,000 crore lying in the Integrated GST or IGST pool has been apportioned between the Centre and states in the month of September.
The central government will get about Rs 14,500 crore and the remaining would be distributed among the states in proportion to the revenue collection in September, an official told PTI.
The apportionment would help improve indirect tax position of both the Centre and states.
This is the fourth time that IGST funds have been dividend between the Centre and states.
As much as Rs 12,000 crore was settled between them in August, Rs 50,000 crore in June and Rs 35,000 crore in February this year.
A policy decision has been taken that when some substantial amount accrues to IGST pool it should be apportioned so that funds do not lie idle with the Centre, the official said, adding Rs 29,000 crore has been apportioned this month.