Page 7 - Gst Compensation

Centre used GST compensation cess elsewhere, broke law, says CAG

CAG said out of the Rs 62,612 crore GST Compensation Cess collected in 2017-18, Rs 56,146 crore was transferred to the non-lapsable fund.

CAG findings on IGST sharing may strain Centre-state relations further

As per rules, IGST must be shared equally between Centre and states and union govt is bound to part with another 42% of its share as per 15th Finance Commission recommendations

Credit for reform: Centre allows 5 states to borrow Rs 9,913 cr extra

Permission granted on meeting of one-nation-one-ration card reform

GST compensation row: Have not picked either option, says Puducherry CM

Rebuts FinMin claim that UT is among those to opt for RBI window to meet shortfall in GST

Mismanaging GST

Compensation issue should have been deftly handled

Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March

21 states opt for Rs 97,000-crore RBI window to meet GST shortfall

This would help the proposal get cleared in the GST Council in case of voting

Some states against borrowing options to meet GST shortfall: MoS Finance

Some states have objected to the proposed borrowing plan of the Centre to fund the GST revenue shortfall and they are being requested to exercise either of the two options, Anurag Singh Thakur said

The GST compensation conundrum: Maharashtra leads in dues, shows data

The compensation cess collection is 26.4 per cent lower in the April-August period this year on a year-on-year basis

GST compensation due to states at Rs 1.51 trillion, Maharashtra owed most

The GST collection during April-August declined on account of COVID-19 induced lockdown, and the compensation due to states stands at over Rs 1.51 trillion, MoS for Finance Anurag Singh Thakur said

13 states submit borrowing option to Centre to fund GST shortfall

These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand and Meghalaya

GST compensation row: States' revenue fell 18% in first quarter, shows data

Details suggest the states' tax receipts (including the Centre's devolution) fell 32.1 per cent and non-tax revenues declined 27 per cent in this period

No discussion on GST borrowing options at parliamentary panel meet: Report

Sources in know of the matter said that during the meeting of the parliamentary panel there was only a discussion on the CAG report on GST collection for FY19

Centre releases Rs 6,195 crore to 14 states as devolution of taxes

Office of Union Finance Minister Nirmala Sitharaman in a tweet said that this would provide them with additional resources during the Covid-19 crisis

States may cut FY21 capex by Rs 3 trillion due to GST shortfall: Icra

States may have to significantly cut expenditure by as much as Rs 3.4 trillion in the current fiscal if they are not paid full compensation relating to GST, investment information agency ICRA has said

Rift over GST compensation sets stage for showdown between Centre, states

The GST law requires the federal government to compensate states for five years through March 2022 for any revenue loss on account of the new tax

GST row: Compensate states that picked a borrowing option, says Sushil Modi

While Bihar, Gujarat, Karnataka, Tripura and Madhya Pradesh opted for the Reserve Bank of India (RBI) window, Manipur and Sikkim went for market borrowing

Amid Centre-states GST row, a white-knuckle moment for bond markets

Centre-state GST equation to be keenly watched

In absence of GST compensation, states may cut FY21 capex by Rs 3 trn: ICRA

The borrowing alternative offered by the Centre to make up for the shortfall in the promised compensation will lead to the states' fiscal deficits widening to 4.25 - 5.52 per cent

GST Compensation revives bitter memory of Centre-state tussle over VAT

Under the VAT system, the compensation mechanism linked to the cut in central sales tax from 4% to zero had created bad blood between the union govt and the states