Centre vs states on compensation cess: Arguments, proposals & what's next

The stalemate over compensating states for the shortfall in GST collections continued on Monday with a meeting of the GST Council ending without reaching any consensus. The panel, which is the highest decision-making body on indirect taxes, for the second time in a week, failed to reach a consensus on the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.