Bhubaneswar: A joint meeting of Law Committee and Law Review Committee of the GST Council is scheduled to be held here in the second week of May. The meeting will start May 10 at 10 am at a local hotel and continue till May 12, official sources said Monday.
About 15 members of Law Committee and 12 members of Law Review Committee are likely to participate in the meeting. Officials from both the Union government and the state government will be present at the meet where the State GST Commissioner Saswat Mishra will represent Odisha.
According to sources, after the meeting, the panels will suggest necessary amendments in the Act to the GST Council.
Meanwhile, Finance Minister Sashi Bhusan Behera informed the State Assembly Monday that the GST revenue for the year 2017-18 (from July 2017 to March 2018) was projected at Rs 10,768.32 crore while the state collected Rs 6,625.91 crore. He added that another Rs 1,832.74 crore was also collected under the Acts subsumed in GST. In total, the state government collected Rs 8,458.65 crore, around Rs 2,000 crore less than the estimates, the minister said.
“As per the norms, the Centre has to compensate the states with an annual revenue growth rate of 14 per cent. So, the Centre is supposed to pay Rs 2,309.67 crore as GST compensation up to March 2018,” he added.
Till February this year, the Centre has released Rs 2,019 crore and another Rs 290.67 crore is yet to be released. As the compensation is being paid on a bi-monthly basis, the rest of the compensation amount may be provided in this May, Behera stated.