- The Finance Ministry told the Lok Sabha that IGST revenue apportionment and settlement are being strengthened.
- The GST Council formed a Committee of Officers in 2024 to review IGST settlement issues, including legislative changes, system improvements, and the apportionment formula.
- The committee recommended a standard operating procedure to handle abnormal Input Tax Credit reversals and reduce settlement irregularities.
- It also suggested aligning ineligible and time-barred credit with GSTR-3B, including merging certain STL entries and adding clearer rule references.
- Based on these recommendations, the Goods and Services Tax Settlement of Funds Rules, 2026 were notified on March 30, 2026 to improve transparency, consistency, and accuracy in IGST settlement between the Centre and States.
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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