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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
Finance Minister Nirmala Sitharaman 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 GST 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 GST 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.