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No consensus on borrowing for shortfall in GST compensation cess, says FM

The GST Council meeting is underway. FM Nirmala Sitharaman is expected to address the media sooon

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GST | Coronavirus

BS Web Team  | New Delhi 

EVENT HIGHLIGHTS

Nirmala Sitharaman
Finance Minister Nirmala Sitharaman addressing the media today
Finance Minister is addressing the media on a meeting of the Goods and Services Tax (GST) Council that was to settle a dispute between the union government and states governed by Opposition parties over compensation owed to state governments for fiscal 2021.
 
Ten states, which are governed by parties not part of the National Democratic Alliance, have rejected the finance ministry’s proposal that the state governments should borrow to meet the shortfall in revenue and have demanded the setting up of a dispute settlement mechanism.
 
Sitharaman, earlier in the day, addressed announced steps to stimulate consumer demand including advance payment of a part of the wages of central government employees for spending during the festival season and a 50-year interest free loan to states, part of efforts to bolster the pandemic-hit economy.

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