Page 2 - Gst Compensation

Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn

Money will help carry out their capital expenditure and welfare spending plans

NITI Aayog meeting: Punjab wants MSP for farmers; Baghel GST compensation

From farmers' plight to GST revenue, chief Ministers of States raised several issues in the 7th Governing Council meeting of NITI Aayog, chaired by Prime Minister Narendra Modi

States seek a raise in central taxes, call for extending GST compensation

NITI Aayog is mandated to boost cooperative federalism in the country

Baghel seeks extension of GST compensation for 5 years at NITI Aayog meet

Chhattisgarh Chief Minister Bhupesh Baghel Sunday reiterated his demand to the Centre seeking a five-year extension for the compensation paid to states for revenue shortfall due to GST implementation

Aiming for cooperative federalism, govt created Centre-states mistrust

There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues

Centre has cleared Rs 8,800 crore GST dues, rest to be paid soon: Bommai

Bommai said the central government has made it clear that the GST compensation can be given only for five years and cannot be extended further.

Few states have sought extension of GST compensation for 5 years: FM

GST Council has recommended extending the period of levy of GST Compensation cess beyond June 2022 to cover the entire shortfall as well as servicing the back-to-back loan released to states

No GST compensation: Will the Centre find another way to give states money?

It is also important to see which states can finance a reasonable portion of their regular expenditure with their own revenue

Extend period of GST compensation to states by 5 years: Rajasthan CM Gehlot

Rajasthan CM Gehlot demanded that the Centre should extend the period of GST compensation by 5 years from June 2022 to June 2027 in view of the critical financial position due to the Covid-19 pandemic

GST council meeting takes no decision on extending compensation to states

New rates for some items, removal of exemptions with effect from July 18

Surat's textile hub consolidated as small players failed to survive GST

This ground report from the diamond city captures the travails of small-scale units

Top headlines: GST on casinos deferred; marketing freedom to oil producers

Briefing reporters about deliberations at the two-day meeting of the GST Council, Finance Minister Nirmala Sitharaman said finance and other ministers of 16 states spoke on the compensation issue

Opposition-ruled states demand continuation of GST compensation for 5 years

As the GST Council commenced here on Tuesday, the states have also cited a recent Supreme Court ruling that decisions made by the Council are not binding and states need not stick to them.

Govt announces extension of GST compensation cess levy till March 2026

The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. As per the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, notified by the finance ministry, the compensation cess will continue to be levied from July 1, 2022 to March 31, 2026. The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state FMs, decided to extend it till March 2026 to repay the loans taken in the last two fiscal years to make up for the shortfall in their revenue collection. After the 45th GST Council meeting in Lucknow in September last year, Sitharaman had said the regime of paying compensation to states for revenue shortfall resulting from subsuming their taxes such as VAT in the uniform national tax GST, will end in June 2022. However, the compensation cess, levied on luxury and demerit goods, will continue to be collected till March 2026 to repay the ...

Extend GST compensation to states for next 3-5 yrs: Amit Mitra urges FM

Ex-West Bengal minister Amit Mitra has written to Union Finance Minister Nirmala Sitharaman, urging her to continue with the GST compensation to states for another 3-5 years after this month

Extend GST compensation to states by 3-5 yrs more: Amit Mitra to Sitharaman

Unforeseen battle against pandemic has put states' fiscal health under huge stress, he says in letter to FM

Govt releases Rs 86,912 cr to states, clears entire GST compensation dues

To meet the shortfall in GST compensation to states, the Centre said that it borrowed Rs 1.59 trillion in FY22 and Rs 1.1 trillion in FY21 from the market and passed them on to the states

Maharashtra to lose Rs 30,000 cr if GST compensation not extended: Official

If the Centre does not extend the GST compensation from July this year, Maharashtra, which pays the maximum taxes, will lose Rs 30,000 crore annually, a senior official said

Bhupesh Baghel writes to PM Modi, seeks GST compensation for 10 more years

Chhattisgarh Chief Minister Bhupesh Baghel on Thursday urged Prime Minister Narendra Modi to continue the present compensation grant system of Goods and Services Tax (GST) for another ten years.

Uttarakhand CM Pushkar Singh Dhami meets PM Modi, Amit Shah, J P Nadda

He also submitted a list of demands in the meeting with Defence Minister Rajnath Singh