-ThePrint.in In 'The Working of the Indian Constitution', T.M. Thomas Isaac examines the functioning of GST to assess if its high expectations have been realised. The Goods and Service Tax (GST) Council has been hailed as a model federal institution, where both states and the centre are represented, and consensus is arrived through a detailed deliberative process. Until the 38th GST Council meeting in December 2019, there had not been a single...
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Rs.78,704 crore due to States as GST recompense
-The Hindu Dues equal four months’ compensation, says Finance Ministry The Centre is yet to remit ₹78,704 crore in outstanding Goods and Services Tax (GST) compensation dues to States, equivalent to four months of compensation under the indirect tax regime introduced in July 2017, the Finance Ministry said on Wednesday, citing ‘inadequate balance in the fund’. “The pending amount will also be released as and when amount from cess accrues in the...
More »More states want GST compensation cess extended -R Suryamurthy
-The Telegraph Kerala finance minister pitched for extending it beyond June next year as the state was already grappling with a significant revenue shortfall The clamour for compensation to states beyond June 2022 grew louder on Saturday with Kerala finance minister K.N. Balagopal saying the financial situation of the state would be deeply impacted if the assistance is not extended. Balagopal pitched for extending the GST compensation beyond June next year as his...
More »GST compensation shortfall: Govt releases ₹6,000 crore to 23 States, 3 UTs
-Livemint.com The amount released this week was the 6th installment of such funds provided to the States The Finance Ministry has released the weekly installment of ₹6,000 crore to the States to meet the GST compensation shortfall on Wednesday. Out of this, an amount of ₹5,516.60 crore has been released to 23 States and an amount of ₹483.40 crore has been released to the 3 Union Territories with Legislative Assembly (Delhi, Jammu &...
More »Bengal, Kerala agree to Centre's GST borrowing formula
-The Telegraph Three states — Punjab, Jharkhand and Chhattisgarh — have not accepted the proposals yet Bengal and Kerala have dropped their opposition to the Centre’s borrowing option to bridge the gap in the Goods and Services Tax revenue receipts. The two states have opted for the limited borrowing option under which the Centre will borrow funds and pass them on to the states but the debt will be recognised in the balance...
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