-The Indian Express The stand of Indian government is devoid of any macro-economic logic. It is not a contra-cyclical, but a pro-cyclical stance. And it is untenable, legally and morally. The relation between the Centre and the states has reached its nadir with the controversy over the GST compensation payment. The shortfall in GST revenues in 2020-21 from the protected level will be of the order of Rs 3 lakh crore. The...
More »SEARCH RESULT
Total Matching Records found : 51
Six States forge unity on GST compensation
-The Hindu ‘Centre should borrow loan and pay dues instead of asking States to do so citing fall in collections’ Hyderabad: Six State governments, including Telangana, on Monday bounced back the Centre’s offer made to them to borrow loan and meet their GST compensation in view of shortfall in collections due to the COVID-19 pandemic. At a video conference of Finance Ministers, Telangana apart, West Bengal, Kerala, Chhattisgarh, Delhi and Punjab governments, arrived...
More »Govt blames Covid, but payment stalled year ago -Aanchal Magazine
-The Indian Express The economic slowdown, which has been underway for almost three years now, began to adversely impact GST revenue collections in August last year. While the Centre Thursday chose to pin much of the blame for the delays on GST compensation payments to the slowdown inflicted by the pandemic, the delays preceded the Covid-19 shock by almost a year – when payments due for August-September 2019 got delayed. Since then,...
More »Centre unable to pay GST dues to States: Union Finance Secretary -Sobhana K Nair
-The Hindu GST Act allows change in formula, Ajay Bhushan Pandey tells Parliamentary Standing Committee on Finance. Finance Secretary Ajay Bhushan Pandey told the Parliamentary Standing Committee on Finance, headed by BJP MP Jayant Sinha, at a meeting on Tuesday that the government is in no position to pay the GST share of States as per the current revenue sharing formula, sources said. According to at least two members who attended the meeting,...
More »GST cess falls 42% short in FY20
-The Hindu Compensation for last fiscal paid to States using previous years’ balance of cess The Centre made up a 42% shortfall in Goods and Services Tax compensation cess collection in 2019-20 by using balance of cess from previous years, plus a transfer from the Consolidated Fund of India. Meanwhile, the GST Council, which was slated to meet this month to discuss the possibility of market borrowing to meet likely future shortfalls,...
More »
