The Council also decided that firms with up to Rs 5 crore turnover have to file only eight GST returns in a year from January 1.
Nirmala Sitharaman
The Centre will disburse GST compensation cess amounting to Rs 20,000 crore to the state government on Monday night, Finance Minister Nirmala Sitharaman said.
ADVERTISEMENT
The decision was taken during the GST Council meet held on Monday.
Besides, Sitharaman said that IGST dues worth Rs 24,000 crore will also be paid to the state governments by next week.
The Council also decided that firms with up to Rs 5 crore turnover have to file only eight GST returns in a year from January 1.
It also waived 18 per cent GST for start-ups which use ISRO and Antrix Corporation services to launch their satellites.
Keep scrolling to read more news
Catch up on all the latest Mumbai news, crime news, current affairs, and a complete guide from food to things to do and events across Mumbai. Also download the new mid-day Android and iOS apps to get latest updates.
Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
