-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,...
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Modi Government is on a Dangerous Course -Prabhat Patnaik
-Newsclick.in The BJP government’s centralising tendency and its attitude towards the financial needs of states during this pandemic, is symptomatic of a thinking that will weaken the very foundations of modern India. Despite repeated demands by the states, the Centre has still not released what is their legitimate due, namely, compensation for their revenue loss owing to the introduction of goods and services tax or GST; this has not been paid since...
More »States stare at over Rs.1 lakh crore revenue gap post withdrawal of GST Compensation
-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...
More »GST pits angry states against Centre -Paran Balakrishnan
-The Telegraph Lower compensation beyond 2022 could be one way out A showdown is looming in Delhi over the GST, the country’s biggest tax revamp since independence that was implemented three years ago. Kerala finance minister Thomas Isaac has already fired the opening shots. He will be in the capital next Wednesday for a GST Council meeting and he’s declared that he will be heading to the Supreme Court if he doesn’t...
More »Opposition states on GST: Rs 50,000 cr cess lies unutilised, pay us immediately -Aanchal Magazine
-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,...
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