Govt substitutes the sub-rule 3 of Rule 11 of Goods and Services Tax Settlement of Funds Rules w.e.f. 04.06.2018. After substitution sub-rule 3 reads as under:
"(3) At any point of time in any particular financial year, the Central Government may, on the recommendations of the Council, provisionally settle any sum of integrated goods and services tax collected in that particular financial year which has not been settled so far which will be adjusted in the subsequent month(s)/year(s), based on the returns filed by the taxpayers."
Therefore, Central Government is now empowered to provisionally settle the unsettled amount of IGST collected in that financial year. However, which will be adjusted in the subsequent month(s)/year(s), based on the returns filed by the taxpayers."
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