FINER hails Centre's budgetary support to NE under GST

GUWAHATI, Aug 17: The FINER has welcomed the approval accorded to the scheme for providing Budgetary Support under the Goods and Service Tax Regime for eligible units in the Northeastern states by the Cabinet Committee of Economic Affairs on Wednesday. 

“While the details of the scheme shall be available when the DIPP notifies the scheme including detailed operatiol guidelines, this decision of the central government is a step in the right direction, something FINER has been demanding for the last few months now, since the implementation of GST became certain,” the FINER said in a statement. 

As per the indication, and in absence of the details of the scheme, the Central Government has provided for budgetary support of its share of the Central Taxes to be refunded under the GST regime under the heads of CGST and IGST payments.  

“We thank the State government, Assam Chief Minister, State Fince Minister for articulating the case of North East Industries in the GST Standing Committees and councils,” said the FINER. 

The FINER has also urged upon the state government to come up with their scheme and detailed operating guidelines for the refund of SGST component to the eligible industries under the extant schemes, so that the units are able to enjoy the promised benefits under the new tax regime.