“Tax Discussion in the Parliament in this winter session on 25.11.2021”

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“Tax Discussion in the Parliament in this winter session on 25.11.2021”

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA
UNSTARRED QUESTION NO. 53
TO BE ANSWERED ON MONDAY, THE 29th NOVEMBER, 2021
AGRAHAYANA 8, 1943 (SAKA)
 
‘Tax on Multinational Companies’
  1. SHRI RITESH PANDEY:
Will the Minister of Finance be pleased to state:
(a) whether the Government has presently any plans, policies and rules to levy proper share of taxation on multinational companies which derive large revenues from India via their digital presence, without having a physical one;
(b) if so, the details thereof; and
(C) If not, the measures proposed to be taken by the Government to deal with multinationals which generate substantial revenues in India but do not share a proper share of taxes with the Government?
ANSWER
 
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SH. PANKAJ CHOUDHARY)
(a), (b), (c):
Yes Sir. Finance Act, 2016 introduced an Equalisation Levy on specified services provided by a non-resident not having physical presence in India. Finance Act, 2020 expanded the scope of Equalisation Levy to cover consideration received or receivable by an e-commerce operator from e-commerce supplies or services made or provided or facilitated on or after 01.04.2020. Further, Section 9(1)(i) of the Income-tax Act, 1961 was amended vide Finance Act, 2018 and subsequently vide Finance Act, 2020 to provide for the concept of “Significant Economic Presence”, in addition to the existing concept of physical presence, for establishing a business connection in India of a non-resident. Shree Tax Chambers Bengaluru India
The issue of taxation of income of multinational companies arising from digital presence has been considered by G20 / Organization for Economic Co-operation and Development (OECD) Inclusive Framework of which India is a member. A statement outlining the broad features of the consensus based on a two-pillar solution was issued on 8th October 2021 by the Inclusive Framework.
Government of India Ministry of Finance Department of Revenue
 
LOK SABHA UNSTARRED QUESTION NO. 119
TO BE ANSWERED ON MONDAY, NOVEMBER 29, 2021 AGRAHAYANA 8, 1943 (SAKA)
TAX EVASION
 
  1. SHRIMATI RANJANBEN DHANANJAY BHATT:
Will the Minister of FINANCE be pleased to state:
(a) whether the incidents of tax evasion are increasing in Delhi and other parts of the Country;
(b) if so, whether the Government has taken any step in this regard so far;
(c) if so, the details thereof; and
(d) if not, the reasons therefor?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
 
(a) : There is no evidence to suggest that incidents of Income tax evasion are increasing in Delhi and other parts of the Shree Tax Chambers Bengaluru India
In terms of cases detected under Goods & Service Tax (GST) and Customs, there is no increasing trend in such evasion noticed in Delhi, although, there is overall increase in detection of GST and Customs evasion cases in the country.
(a) to (d): The Income Tax Department (ITD) takes suitable steps against the persons indulging in tax evasion such as conducting search and seizure actions, surveys, summons, assessment and reassessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever
In recent times, various measures have been initiated to prevent tax evasion which, inter-alia, includes:
(i ) Enactment of ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which has come into force w.e.f.  01.07.2015  to  specifically and more effectively deal with the issue of black money stashed away abroad.
(ii) Developing a wide range of non–intrusive methods for detecting tax evasion. They include measures like Computer Assisted Scrutiny  Selection  (CASS)  of  cases  for Scrutiny; Non-filers Monitoring System (NMS) to prioritize action on non-filers; Income Tax Business Application (ITBA)  to  help in curbing  tax  evasion by putting  in  place end to end processes for all verticals of the Department
(iii) Collecting information on Specified Financial Transactions (SFT), above notified thresholds, relating to cash deposits, credit card payments, purchase and sale of properties, purchase of shares and mutual funds etc. Such information is collected, collated and analyzed for computer aided scrutiny and risk profiling of taxpayers, identification of non-filers and stop filers
(iv) A large number of legislative provisions have been made in the Income Tax Act, 1961 (the Act) to effectively tackle tax evasion such as mandatory quoting of PAN for various cash transactions, restrictions on cash transaction of Rs. 2 lakh or more, levy of TDS @ 2% to 5% on the amount of cash withdrawal by a person exceeding Rs. 20 lakhs in aggregate from one or more accounts maintained by the recipient with a banking company or a co-operative society engaged in the business of banking or post office during a financial year, prohibiting taxpayers from taking/accepting loans or deposits or a sum of more than Rs.20,000/- in cash or repayment of loans or deposits of a sum of more than Rs. 20,000/- in cash. No deductions under section 80G of the Act is allowed if cash donations exceed 2,000/-.
(v) To bring transparency in the source of funding to political parties, suitable amendments have been made with effect from 04.2018 to provide that no donations of Rs.2,000/- or more shall be received otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account or through electoral bonds.Shree Tax Chambers Bengaluru India
(vi) Introduction of measures to incentivize digital transactions by allowing for transactions through other prescribed electronic modes (apart from account payee cheque or account payee bank draft) such as payment by credit cards, debit cards, net banking, UPI, RTGS, NEFT, IMPS and BHIM Aadhaar
(vii) Proactively engaging with foreign governments with a view to facilitate and enhance the exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral
(Viii) Taking effective and timely enforcement actions including expeditious investigation in foreign assets
(ix) Mandatory linking of Aadhaar with PAN, to aid in de-duplication of PAN and also prevent potential tax
Further, several measures have been taken to check tax evasion in GST such as detection of issuance of fake invoices, data analysis based interventions, introduction of e-way bills & e-invoices, aadhaar based authentication for new applicants. The Directorate General of GST Intelligence and Central GST formations keep constant vigil & take action in accordance with law wherever GST evasion is noticed.
Besides this, several measures have also been taken to check Custom Duty evasion such as risk profiling, targeting, data analytics based intelligence gathering and non- intrusive inspection of cargo. The Directorate of Revenue Intelligence and Customs field formations keep constant vigil and take action in accordance with law wherever Customs duty evasion is noticed.
******
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE
***** LOK SABHA
UNSTARRED QUESTION NO.104
TO BE ANSWERED ON MONDAY THE 29TH NOVEMBER, 2021
AGRAHAYANA 8, 1943 (SAKA)
COLLECTION OF EXCISE DUTY
 
  1. SHRI ADHIKARI DEEPAK (DEV):
 
Will the Minister of FINANCE be pleased to state:
(a) the total collection of excise duty from fuel in last five years; and
(b) the total amount of excise duty collected from Petrol and Diesel shared with States in these last five years?
ANSWER 
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
 
(a) : The total Central Excise Duty, including cesses, collected from fuel, from April, 2016 to March, 2021 is about Rs. 74 lakh crores.Shree Tax Chambers
(b) : Tax-wise share in Central Taxes and Duties to State Government is released every month in accordance with approved recommendations made by the Finance Product-wise devolution of taxes and duties is not made.
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE
LOK SABHA UNSTARRED QUESTION NO. 92
ANSWERED ON MONDAY, NOVEMBER 29, 2021/ AGRAHAYANA 8, 1943 (SAKA)
CGST, SGST and IGST Collections
 
  1. SHRI D.M. KATHIR ANAND:
Dr. T. SUMATHY (a) THAMIZHACHI THANGAPANDIAN:
Will the Minister of FINANCE be pleased to state:
(a) whether the GST collections for the last two years have increased;
(b) if so, the details of CGST, SGST and IGST collections made during the last three years, State wise;
(c) the details of the pending dues to be paid to the State Government of Tamil Nadu and its breakup; and Shree Tax Chambers Bengaluru India
(d) the effective steps taken by the Union Government for the timely payment of GST dues and funds to the State Government of Tamil Nadu in the future?
ANSWER
 
THE MINISTER OF STATE IN MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)
(a) & (b): The details of CGST, SGST and IGST collections (State-wise) during the last three years are as per Annexure I
(c) & (d): As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to all States including Tamil Nadu. The economic impact of the pandemic has led to higher compensation requirement due to lower GST collection and at the same time lower collection of GST compensation cess. GST compensation of Rs. 9845.4278 crore has been released to Tamil Nadu to partly meet the compensation payable for the period April’20 to March’21 as the amount in GST Compensation Fund was not adequate to meet the full compensation requirement.
The issue of GST Compensation to States has been deliberated in the 41st and 42nd GST Council meetings. Accordingly, in FY 20-21, Centre had borrowed Rs. 1.1 lakh crore under a special window and passed on to the States as back-to-back loan to help the States to meet the resource gap due to short-release of compensation on account of inadequate balance in the Compensation Fund. This arrangement has been finalized after detailed deliberations with the States and all States have opted for this arrangement. Subsequent to deliberations in the 43rd GST Council meeting, Centre has borrowed Rs. 1.59 lakh crores from the market through special window in current FY and passed it to the States/ UTs as a back-to-back loan as was done in last year. The quantum of funds released to Tamil Nadu State as loan is Rs.6241 crore for FY 2020-21 and Rs. 8095.25 crore for FY 2021-22. In addition, depending on the amount available in the Compensation Fund, Centre has also been releasing the regular GST compensation to States to make up for GST revenue shortfall. Taking into account, the GST Compensation released from Compensation Fund as well as back-to-back loan released in FY 2020-21 and FY 2021-22, GST compensation of Rs. 2894 crore and Rs. 2049 crore is pending to Tamil Nadu for period April’20 to March’21 and April-September, 2021 respectively as per provisional figures.
Annexure I
 
Details of CGST, SGST and IGST Collections (State-wise)
(Rs. In Crores)
State Code
 
State/UT
2019-20
2020-21
2021-22 (up to 23rd Nov, 2021)
CGST
SGST
IGST
CGST
SGST
IGST
CGST
SGST
IGST
 
01
 
Jammu and Kashmir
 
1,060
 
1,804
 
1,104
 
951
 
1,553
 
1,085
 
952
 
1,411
 
845
 
02
 
Himachal Pradesh
 
1,207
 
1,814
 
4,919
 
1,178
 
1,664
 
4,202
 
875
 
1,278
 
3,132
 
03
 
Punjab
 
3,674
 
6,133
 
5,217
 
3,490
 
5,522
 
4,728
 
2,981
 
4,531
 
4,344
 
04
 
Chandigarh
 
387
 
556
 
1,032
 
302
 
410
 
927
 
227
 
308
 
704
 
05
 
Uttarakhand
 
2,519
 
3,924
 
8,090
 
2,263
 
3,232
 
6,753
 
1,652
 
2,423
 
4,679
 
06
 
Haryana
 
9,560
 
13,922
 
32,407
 
8,795
 
11,960
 
30,319
 
7,123
 
9,525
 
23,255
 
07
 
Delhi
 
9,249
 
11,988
 
21,831
 
7,196
 
8,899
 
19,586
 
6,043
 
7,326
 
15,719
 
08
 
Rajasthan
 
8,946
 
12,197
 
10,207
 
8,318
 
11,108
 
10,863
 
6,507
 
8,551
 
8,291
 
09
 
Uttar Pradesh
 
14,258
 
22,043
 
16,218
 
13,506
 
19,725
 
15,580
 
10,898
 
15,375
 
12,858
 
10
 
Bihar
 
3,255
 
5,842
 
1,480
 
3,208
 
5,370
 
1,382
 
2,461
 
3,933
 
1,122
 
11
 
Sikkim
 
145
 
212
 
1,889
 
142
 
194
 
1,929
 
118
 
166
 
1,574
 
12
 
Arunachal Pradesh
 
224
 
290
 
66
 
258
 
326
 
64
 
157
 
197
 
61
 
13
 
Nagaland
 
100
 
145
 
62
 
146
 
188
 
50
 
95
 
124
 
45
 
14
 
Manipur
 
157
 
249
 
27
 
147
 
210
 
34
 
139
 
186
 
29
 
15
 
Mizoram
 
82
 
135
 
78
 
80
 
123
 
54
 
74
 
103
 
23
 
16
 
Tripura
 
238
 
365
 
75
 
274
 
371
 
84
 
182
 
243
 
55
 
17
 
Meghalaya
 
232
 
335
 
950
 
222
 
295
 
815
 
183
 
224
 
666
 
 
18
 
Assam
 
3,050
 
4,212
 
2,682
 
2,986
 
3,895
 
2,840
 
2,360
 
2,960
 
2,167
 
19
 
West Bengal
 
12,613
 
16,815
 
9,964
 
11,784
 
14,937
 
9,718
 
9,300
 
11,650
 
7,465
 
20
 
Jharkhand
 
4,006
 
5,490
 
8,140
 
3,736
 
4,865
 
7,310
 
3,107
 
3,922
 
7,485
 
21
 
Odisha
 
6,534
 
8,713
 
8,707
 
6,556
 
8,292
 
8,798
 
6,745
 
7,922
 
8,286
 
22
 
Chhattisgarh
 
4,446
 
5,581
 
7,961
 
4,650
 
5,444
 
8,456
 
3,749
 
4,338
 
6,291
 
23
 
Madhya Pradesh
 
6,413
 
8,841
 
7,575
 
6,309
 
8,225
 
6,942
 
4,540
 
5,936
 
5,334
 
24
 
Gujarat
 
21,500
 
27,271
 
25,565
 
20,217
 
24,701
 
24,607
 
17,188
 
20,970
 
20,482
 
25
 
Daman and Diu
 
113
 
167
 
875
 
38
 
52
 
215
 
1
 
1
 
1
 
26
 
Dadra and Nagar Haveli
 
204
 
287
 
1,318
 
274
 
355
 
1,719
 
265
 
348
 
1,459
 
27
 
Maharashtra
 
50,683
 
62,275
 
61,447
 
44,847
 
53,344
 
58,164
 
36,864
 
44,296
 
47,430
 
29
 
Karnataka
 
19,824
 
26,472
 
27,667
 
18,187
 
23,237
 
26,714
 
14,122
 
17,924
 
21,863
 
30
 
Goa
 
1,051
 
1,529
 
1,667
 
782
 
1,080
 
1,389
 
603
 
835
 
1,146
 
31
 
Lakshadweep
 
8
 
12
 
1
 
6
 
7
 
1
 
5
 
5
 
1
 
32
 
Kerala
 
6,081
 
9,457
 
3,576
 
5,728
 
8,338
 
3,204
 
4,258
 
6,049
 
3,247
 
33
 
Tamil Nadu
 
19,185
 
27,141
 
22,210
 
17,712
 
23,870
 
21,952
 
14,108
 
18,966
 
17,514
 
34
 
Puducherry
 
245
 
387
 
1,233
 
211
 
322
 
1,110
 
138
 
230
 
788
 
35
Andaman and Nicobar Islands
 
131
 
193
 
35
 
96
 
129
 
30
 
81
 
115
 
29
 
36
 
Telangana
 
9,406
 
12,977
 
10,936
 
8,822
 
11,796
 
10,567
 
6,805
 
9,137
 
8,317
 
37
 
Andhra Pradesh
 
6,534
 
9,265
 
9,772
 
6,328
 
8,579
 
9,143
 
4,998
 
6,805
 
7,592
 
38
 
Ladakh
 
1
 
1
 
0
 
41
 
53
 
17
 
41
 
55
 
20
 
TOTAL
 
2,27,321
 
3,09,040
 
3,16,979
 
2,09,786
 
2,72,673
 
3,01,352
 
1,69,943
 
2,18,368
 
2,44,319
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA
UNSTARRED QUESTION No. 79
TO BE ANSWERED ON MONDAY, NOVEMBER 29, 2021/ AGRAHAYANA 8, 1943 (SAKA)
FACELESS ASSESSMENTS AND APPEALS
 
  1. SHRI VISHNU DATT SHARMA:
Will the Minister of FINANCE be pleased to state:
(a) Whether the Government is considering to introduce ‘faceless assessments and faceless appeals’ in the central GST to make adjudication and scrutiny by the tax authorities more transparent;Shree Tax Chambers Bengaluru India
(b) if so, the details thereof; and
(C) if not, the reasons therefor?
ANSWER
MINISTER OF STATE FOR FINANCE (SHRI PANKAJ CHAUDHARY)
 
(a) to (c) In respect of GST, laws and rules made thereunder, already provide for online procedures relating to assessment and appeals on the common Further, changes in GST laws and rules are made on the recommendations of the GST Council.
GOVERNMENT OF INDIA MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
LOK SABHA
 
UNSTARRED QUESTION NO. 76
TO BE ANSWERED ON MONDAY 29thNOVEMBER, 2021 [8AGRAHAYANA, 1943 (SAKA)]
No. 76.  SHRI NALIN KUMAR KATEEL:
SHRI D.K. SURESH:
 
Will the Minister of Finance be pleased to state:
(a) whether it is a fact that the Government proposes for monetary disbursement to States from the shareable pool of taxes;
if so, the details thereof;
(b) the details of total dues pending for disbursement to various states from the shareable pool of taxes during the last three years, year wise and state wise with special reference to Karnataka; and
(C) the total amount disbursed by the Union Government to the States including Karnataka?
ANSWER
 
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)
( a to d)
Union Government devolves States’ share in Central Taxes and Duties in terms of approved recommendations of the Finance Commission. There are no pendencies in disbursement on this account to Karnataka or in tax devolutions being made to State
Governments. Details are annexed. Shree Tax Chambers Bengaluru India
S.No.
State
2018-19
2019-20
2020-21
1
Andhra Pradesh
32787.03
28242.39
24460.59
2
Arunachal Pradesh
10436.14
8987.57
10472.58
3
Assam
25215.85
21721.44
18629.32
4
Bihar
73602.96
63406.33
59861.41
5
Chhattisgarh
23458.69
20205.84
20337.54
6
Goa
2878.36
2479.85
2296.53
7
Gujarat
23489.32
20232.09
20218.53
8
Haryana
8254.6
7111.53
6437.59
9
Himachal Pradesh
5429.77
4677.56
4753.92
10
Jammu & Kashmir
13989.8
6801.81
11
Jharkhand
23906.13
20593.04
19712.23
12
Karnataka
35894.83
30919
21694.11
13
Kerala
19038.17
16401.05
11560.4
14
Madhya Pradesh
57486.87
49517.61
46922.16
15
Maharashtra
42050.43
36219.64
36504.01
16
Manipur
4698.59
4047.77
4271.97
17
Meghalaya
4889.07
4211.78
4551.63
18
Mizoram
3502.96
3017.8
3010.55
19
Nagaland
3792.41
3267.08
3409.25
20
Odisha
35353.73
30453.25
27542.67
21
Punjab
12008.95
10345.78
10638.21
22
Rajasthan
41852.35
36049.14
35575.77
23
Sikkim
2794.67
2407.69
2308.47
24
Tamil Nadu
30638.87
26392.4
24924.51
25
Telangana
18560.88
15987.59
12691.62
26
Tripura
4888.95
4211.78
4218.45
27
Uttar Pradesh
136766.46
117818.3
106687.01
28
Uttarakhand
8011.59
6901.54
6568.72
29
West Bengal
55775.72
48048.4
44737.01
TOTAL
761454.15
650677.05
594996.76
 
Tax Devolution to State Governments
Annex I (Rs. in Crore)
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE
***** LOK SABHA 
UNSTARRED QUESTION NO.48 
TO BE ANSWERED ON MONDAY THE 29TH NOVEMBER, 2021
AGRAHAYANA 8, 1943 (SAKA) 
EXCISE DUTY ON PETROL AND DIESEL
 
  1. SHRIMATI MALA ROY:
 
Will the Minister of FINANCE  be pleased to state:
(a) the amount of central excise duty on per litre petrol and diesel;
(b) the break-up of this excise duty in terms of basic duty, road and infrastructure cess and agricultural cess; and Shree Tax Chambers Bengaluru India
(c) the amount of central excise duty which is going to divisible pool?
ANSWER
 
MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)
 
(a) : The amount of central excise duty collected on petrol and diesel per litre as on date, is as under:
Commodity
Total central excise duty (Rs. per litre)
Petrol (unbranded)
27.90
Diesel (unbranded)
21.80
(b) : The break-up of present excise duty on Petrol and Diesel is as follows:
(Rs. /litre)
Particulars
Petrol
Diesel
Basic Excise Duty
1.40
1.80
Special Additional Excise Duty
11.00
8.00
Additional Excise Duty (Road and Infrastructure cess)
13.00
8.00
Agriculture Infrastructure & Development Cess
2.50
4.00
(c) : The “Basic Excise Duty” per litre as indicated in the table above, goes to the divisible pool

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA
UNSTARRED QUESTION NO-30
ANSWERED ON- 29/11/2021
GST COMPENSATION
 
  1. SHRI TALARI RANGAIAH:
SHRI KURUVA GORANTLA MADHAV:
SHRI P.V. MIDHUN REDDY:
SHRI POCHA BRAHMANANDA REDDY:
SHRI MAGUNTA SREENIVASULU REDDY:
Dr. BEESETTI VENKATA SATYAVATHI:
SHRIMATI CHINTA ANURADHA:
Will the Minister of FINANCE be pleased to state:-
(a) whether the Government has released the Goods and Services Tax (GST) compensation to the States recently;
(b) if so, the details thereof;
(c) whether any back to back loan amount has been released in view of the shortfall in GST compensation during the current financial year; and
(d) if so, the details thereof?
ANSWER
THE MINISTER OF STATE IN MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
Shree Tax Chambers Bengaluru India
(a) to b):- Yes Sir. Recently, Centre released Rs. 17,000 crore on 03.11.2021 towards GST compensation to States from the Compensation Fund. Details of GST compensation released to States/ UTs is as per details in Annexure-I. This is in addition to GST compensation of Rs. 43,303 crore released to States and Rs. 1.59 lakh crore as back to back assistance during the current financial year. During 2020-21, Centre had released compensation of Rs. 1,36,988 crore and back to back assistance of Rs. 1.1 lakh crore.
(c) to (d):- Yes Sir, as per decision in 43rd GST Council meeting, Centre has borrowed Rs.
1.59 lakh crores from the market through special window and passed on to the States/UTs as back-to-back loan to help the States/UTs to meet the resource gap due to shortfall in release of GST compensation as per details in Annexure-II.
Annexure-I
Details of GST compensation released to States/ UTs on 03.11.2021
S. No.
Name of State/UT
Amount (Rs. In crore)
(1)
(2)
(3)
1
Andhra Pradesh
543
2
Assam
160
3
Bihar
342
4
Chhattisgarh
274
5
Delhi
1155
6
Goa
163
7
Gujarat
1428
8
Haryana
518
9
Himachal Pradesh
178
10
J & K
168
11
Jharkhand
264
12
Karnataka
1603
13
Kerala
674
14
Madhya Pradesh
542
15
Maharashtra
3054
16
Meghalaya
28
17
Odisha
286
18
Puducherry
61
19
Punjab
835
20
Rajasthan
653
21
Tamil Nadu
1314
22
Telangana
279
23
Tripura
17
24
Uttar Pradesh
1417
25
Uttarakhand
270
26
West Bengal
772
Total
17000*
  • Revenue collected by State of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim is more than the revenue protected as per GST (Compensation to States) Act, Therefore, no GST compensation is admissible to these States.
Annexure-II
 
Details of Back to back loan released to States/ UTs in FY 2021-22
 
S. No.
Name of State/UT
Amount (Rs in crore)
(1)
(2)
(3)
1
Andhra Pradesh
3272
2
Assam
1774
3
Bihar
6816
4
Chhattisgarh
4965
5
Delhi
6193
6
Goa
847
7
Gujarat
13040
8
Haryana
7394
9
Himachal Pradesh
2695
10
J & K
3845
11
Jharkhand
2484
12
Karnataka
18109
13
Kerala
8739
14
Madhya Pradesh
7011
15
Maharashtra
13782
16
Meghalaya
141
17
Odisha
6430
18
Puducherry
1096
19
Punjab
12132
20
Rajasthan
7268
21
Tamil Nadu
8095
22
Telangana
4569
23
Tripura
401
24
Uttar Pradesh
8140
25
Uttarakhand
3333
26
West Bengal
6425
Total
159000
 
  • Revenue collected by State of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim is more than the revenue protected as per GST (Compensation to States) Act, 2017 and therefore, these States are not eligible for back to back loan under Special Window Scheme.
GOVERNMENT OF INDIA MINISTRY OF FINANCE
LOK SABHA UNSTARRED QUESTION NO. 173 TO BE ANSWERED ON 29.11.2021
Cryptocurrency
  1. SHRI THIRUMAAVALAVAN THOL Will the Minister of FINANCE
be pleased to state:
(a) whether the Government is aware of the cryptocurrencies that are traded in India;
(b) if so, whether trading in cryptocurrency is legally permitted in India and if so, the details thereof;
(c) whether the Government has allowed the cryptocurrency exchanges as a legally permitted entity in India; and
(d) if so, the details of Acts that are applicable to cryptocurrency and cryptocurrency exchanges?
ANSWER
MINISTER   OF    STATE    IN    THE    MINISTRY    OF    FINANCE   (SHRI    PANKAJ CHAUDHARY)
(a) : Government does not collect information on trading in
(b) to (d): Cryptocurrencies are unregulated in India. RBI has vide its circular dated May 31st, 2021, advised its regulated entities to continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas Shree Tax Chambers Bengaluru India

GOVERNMENT OF INDIA MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
LOK SABHA STARRED QUESTION NO.12
ANSWERED ON MONDAY, NOVEMBER 29, 2021
BITCOIN TRANSACTIONS
12.SHRIMATI SUMALATHA AMBAREESH:
SHRI D.K. SURESH:
Question:
Will the Minister of Finance be pleased to state:
(a) whether the Government is aware that Bitcoin transaction is silently blooming in India in the recent years;
(b) if so, the details thereof and the response of the Government in this regard;
(c) whether the Government has any proposal to recognise Bitcoin as a currency in the country;and
(d) if so, the details thereof?
Answer:
FINANCE MINISTE
(SMT. NIRMALA SITHARAMAN)
(a)to (d): A Statement is laid on the table of the House.
STATEMENT REFFERED TO IN REPLY TO LOK SABHA STARRED QUESTION NO. 12 RAISED BY SHRIMATI SUMALATHA AMBAREESH AND SHRI D.K. SURESH, HON’BLE MEMBER OF PARLIAMENT TO BE ANSWERED ON 29.11.2021 REGARDING BITCOIN TRANSACTIONS
(a)  The Government does not collect data on Bitcoin
(b)  Does not arise in view of (a) above.
(C)  No, sir.
(d)  Does not arise in view of (c) above.
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