-The Hindu The economic outlook rests on government meeting investment targets and keeping promises made to stakeholders There were many expectations from the Union Budget 2020: that it would reverse the falling growth rate, reduce unemployment and rekindle the animal spirits needed to revive private investment. Does the Budget really hold out the promise on these counts? To answer the question, the Budget can be judged in terms of its effect...

-PTI At the time of implementation of the Goods and Services Tax on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula States might be facing a consolidated revenue gap of up to Rs.1.23 lakh crore on account of withdrawal of compensation after the five-year GST transition period ends on June 30, 2022, says a report by economic think tank...

-Hindustan Times The suggestion is to come up with a standard rate of 17%, a lower merit rate for items of common consumption and a higher rate on luxury and sin goods, according to these officials who spoke on the condition of anonymity. The Fifteenth Finance Commission (FFC) has suggested the Goods and Services Tax (GST) Council to simplify tax rates by creating just three slabs, two officials with direct knowledge of...

-The Indian Express The meeting with Sitharaman comes days after the GST Council informed states that the GST and compensation cess collections in the last few months had become a “matter of concern”. Seven Opposition-ruled states and Union Territories — Punjab, Delhi, Puducherry, Kerala, Madhya Pradesh, Rajasthan and Chhattisgarh — made a forceful representation to Union Finance Minister Nirmala Sitharaman Wednesday demanding pending compensation under the Goods and Services Tax (GST) regime,...

-The Hindu Letter to States flags falling collections The Centre has written to all the States voicing concern that due to the lower Goods and Services Tax (GST) collections, the compensation cess might not be enough to pay for losses arising out of the tax system. The communication comes at a time when several States, including Rajasthan, Kerala, Delhi, Punjab and West Bengal, have publicly urged the Centre to transfer pending compensation payments...