Centre Writes to States Suggesting Options of Borrowing Money to Make Up for GST Shortfall
4 years, 4 months ago

Centre Writes to States Suggesting Options of Borrowing Money to Make Up for GST Shortfall

News 18  

The central government on Saturday wrote to states suggesting options of borrowing money to make up for the Rs 2.35 lakh crore shortfall in GST revenues expected in the ongoing fiscal. Two days after first suggesting to states to borrow money to make up for the shortfall at the GST Council meeting, the finance ministry wrote to state governments saying they could borrow either via a special window it will facilitate through the RBI or raise debt from the market. The Centre has estimated that of this Rs 2.35 lakh crore, Rs 97,000 crore compensation requirement is due to GST rollout and the remaining is on account of the impact of COVID-19 on the economy. Giving two options, she said states can borrow either Rs 97,000 crore — the deficit arising out of GST implementation — or the entire Rs 2.35 lakh crore.

Finance States Options Debt State Crore Centre Lakh Borrowing Gst Council Gst Implementation Gst Shortfall  centre  money  rs  state  states  finance  options  gst  shortfall  suggesting  borrowing  crore  lakh  debt  writes

History of this topic

GST dues: Centre owes States more than the official figures, says Chidambaram
2 years, 8 months ago

GST dues: Centre owes States more than the official figures, says Chidambaram

The Hindu  

Senior Congress leader P. Chidambaram on Thursday, April 28, 2022, took a dig at the Centre over the ₹78,704 crore it owes to the States in GST compensation, saying it would be interesting to know why the Finance Ministry "embarrassed" Prime Minister Narendra Modi by putting out the information on the day he chose to "admonish" the States. The Finance …

Centre borrows and releases Rs 75,000 crore to compensate states for GST revenue shortfall
3 years, 5 months ago

Centre borrows and releases Rs 75,000 crore to compensate states for GST revenue shortfall

Firstpost  

Shortfall in GST compensation to states in the current fiscal estimated at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed New Delhi: The government has borrowed and given to the states Rs 75,000 crore to make up for the shortfall in their revenues because of the GST implementation. “The Ministry of Finance …

Centre Releases Rs 75,000 Crore to States as GST Compensation
3 years, 5 months ago

Centre Releases Rs 75,000 Crore to States as GST Compensation

News 18  

The government on Thursday said it has released Rs 75,000 crore to the states and Union Territories to compensate them for the shortfall in GST revenue. The GST Council in its meeting on May 28 had decided that the central government would borrow Rs 1.59 lakh crore and release it to the states and UTs with the legislature on a …

Economy in better shape this year as compared to 2020, says Revenue Secretary
3 years, 7 months ago

Economy in better shape this year as compared to 2020, says Revenue Secretary

India TV News  

Revenue Secretary Tarun Bajaj on Friday said the economy has not suffered as much this year amid the second wave of COVID-19 as compared to last year when there was complete lockdown. He further said if Rs 1.10 lakh crore gets collected every month on average through the Goods and Services Tax, then the states' GST revenue deficit would be …

Centre Releases Rs 30,000 Crore to States as GST Compensation
3 years, 9 months ago

Centre Releases Rs 30,000 Crore to States as GST Compensation

News 18  

The Centre has released Rs 30,000 crore to the states as GST compensation on March 27, and about Rs 63,000 crore is pending for the current fiscal, the Finance Ministry said on Tuesday. The total amount of GST compensation released so far this fiscal ending March 31 is Rs 70,000 crore. “The Central Government has released GST Compensation of Rs …

Govt. borrowed more to continue welfare schemes, says Buggana
3 years, 10 months ago

Govt. borrowed more to continue welfare schemes, says Buggana

The Hindu  

The government, in the wake of a sharp decline in revenues due to the COVID-19 pandemic, had no option but to borrow more and bail out the poor and middle class sections of society in the hour of crisis, Finance Minister Buggana Rajendranath Reddy said on Friday. The revenue expenditure thus incurred has been ploughed back into the economy, fuelling …

Govt releases additional ₹6k cr to states to meet GST compensation shortfall
4 years ago

Govt releases additional ₹6k cr to states to meet GST compensation shortfall

Live Mint  

The Ministry of Finance has released ₹6,000 crore to states in order to meet the Good and Services Tax compensation shortfall. This is the eighth weekly instalment given to states under the special borrowing window setup by the government to meet the estimated shortfall of ₹1.10 lakh. The amount of additional borrowing permission granted to 28 States and the amount …

GST compensation shortfall | Jharkhand has accepted option, says Finance Ministry
4 years, 1 month ago

GST compensation shortfall | Jharkhand has accepted option, says Finance Ministry

The Hindu  

Jharkhand has accepted the alternative offered by the Centre to meet part of the GST compensation shortfall through a special borrowing window, the Finance Ministry said on Saturday. With Jharkhand’s acquiescence to the Centre’s proposed solution, all States and Union territories have now exercised the option to receive part of their GST implementation dues this year. The Centre had offered …

Chhattisgarh accepts Centre’s borrowing proposal for GST shortfall; Jharkhand lone state to keep out
4 years, 1 month ago

Chhattisgarh accepts Centre’s borrowing proposal for GST shortfall; Jharkhand lone state to keep out

Firstpost  

Centre had given the option to states and UTs to get the amount of GST shortfall through a special borrowing window New Delhi: Chattisgarh has accepted the Centre’s borrowing proposal and will get Rs 3,109 crore through the special window to meet the goods and services revenue shortfall. The states and union territories that choose option-1 are getting the amount …

Chhattisgarh Accepts Centre's Borrowing Proposal for GST Shortfall, Jharkhand Only State Left
4 years, 1 month ago

Chhattisgarh Accepts Centre's Borrowing Proposal for GST Shortfall, Jharkhand Only State Left

News 18  

Chhattisgarh has accepted the Centre's borrowing proposal and will get Rs 3,109 crore through the special window to meet goods and services revenue shortfall. The states and union territories that choose option-1 are getting the amount of shortfall arising out of GST implementation through a special borrowing window put in place by Government of India. Under the terms of option-1, …

Telangana opts for borrowing to meet GST revenue gap
4 years, 1 month ago

Telangana opts for borrowing to meet GST revenue gap

Live Mint  

New Delhi: Telangana government has opted for meeting its Goods and Services Tax revenue gap by signing up for a borrowing scheme facilitated by the Central government, joining 22 other states and three union territories, said a finance ministry statement. The state government told the Centre of its acceptance of the scheme that allows the Narendra Modi administration to borrow …

Telangana Accepts Centre's Borrowing Option to Meet GST Shortfall, to Get Rs 2,300 Cr Through Spl Window
4 years, 1 month ago

Telangana Accepts Centre's Borrowing Option to Meet GST Shortfall, to Get Rs 2,300 Cr Through Spl Window

News 18  

Telangana has accepted Centre's borrowing proposal to meet GST revenue shortfall and will get Rs 2,380 crore through the special window. Under the terms of Option-1, besides getting the facility of a special window for borrowings to meet the shortfall arising out of GST implementation, states are also entitled to get unconditional permission to borrow the final instalment of 0.50 …

Rajasthan Becomes First Cong-ruled State to Accept Centre's Borrowing Option to Meet GST Shortfall
4 years, 2 months ago

Rajasthan Becomes First Cong-ruled State to Accept Centre's Borrowing Option to Meet GST Shortfall

News 18  

Congress-ruled Rajasthan has accepted the Centre's borrowing proposal to meet GST revenue shortfall and will get over Rs 4,600 crore through the special window. Under the borrowing plan, the Centre would borrow from market Rs 1.10 lakh crore to meet revenue shortfall on account of GST implementation. However, states like Kerala, Punjab, West Bengal, Chattisgarh, Jharkhand are yet to opt …

Centre to transfer second tranche of funds to states to meet GST shortfall
4 years, 2 months ago

Centre to transfer second tranche of funds to states to meet GST shortfall

Live Mint  

New Delhi: The central government said it release ₹6,000 crore to 16 states and three union territories on Monday under the special borrowing arrangement meant to meet states’ Goods and Services Tax revenue shortfall. So far, 21 states and three union territories have opted for the borrowing scheme to meet their GST revenue shortfall. States like Kerala, Punjab and West …

GST Shortfall: Centre to Transfer Rs 6,000 Crore to 16 States, 3 UTs in Second Tranche of Compensation
4 years, 2 months ago

GST Shortfall: Centre to Transfer Rs 6,000 Crore to 16 States, 3 UTs in Second Tranche of Compensation

News 18  

The Finance Ministry on Monday said it will transfer Rs 6,000 crore as the second tranche of GST compensation shortfall to 16 states and 3 Union Territories — including Maharashtra, Bihar, Assam, Puducherry and Delhi. “The Ministry of Finance, Government of India, under its ‘Special Window to States for meeting the GST Compensation Cess shortfall,’ will be releasing an amount …

GST compensation: Govt transfers second tranche of ₹6,000 cr to 16 states, 3 UTs
4 years, 2 months ago

GST compensation: Govt transfers second tranche of ₹6,000 cr to 16 states, 3 UTs

Live Mint  

In a bid to bridge the Goods and Services Tax revenue shortfall, the Modi government has borrowed and transferred ₹6,000 crore as the second tranche to 16 states and three union territories under a special borrowing window, the Finance Ministry said on Monday. "The Ministry of Finance, Government of India, under its Special Window to States for meeting the GST …

GST collections cross Rs 1L crore for the first time after COVID-19 hit India
4 years, 2 months ago

GST collections cross Rs 1L crore for the first time after COVID-19 hit India

Deccan Chronicle  

New Delhi: After over eight months, the Goods and Services Tax collection in October has crossed Rs 1-lakh crore mark for the first time since February this year. Besides, the revenues collected for the month are 10 per cent higher than the GST revenues in the same month last year, according to the data released by the finance ministry on …

GST collection crosses ₹1 lakh crore mark for first time since February, totals ₹1.05 lakh crore in October
4 years, 2 months ago

GST collection crosses ₹1 lakh crore mark for first time since February, totals ₹1.05 lakh crore in October

Live Mint  

GST collections in October stood at over ₹1.05 lakh crore, crossing for the first time ₹1 lakh crore mark since February this year, the finance ministry said on Sunday. The Goods and Services Tax collections fell from the psychologically important ₹1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity. The gross Goods and …

Centre Transfers Rs 6,000 Crore in GST Compensation to States
4 years, 2 months ago

Centre Transfers Rs 6,000 Crore in GST Compensation to States

The Quint  

Last week, the Centre gave in to the demands of opposition-ruled states to borrow and fund the GST compensation shortfall. The GST council headed by Finance Minister Nirmala Sitharaman have met several times in the past few months but failed to come to a consensus on the issue of funding the shortfall of Goods and Services Tax revenue of states. …

Centre borrows ₹6,000 cr. for GST compensation
4 years, 2 months ago

Centre borrows ₹6,000 cr. for GST compensation

The Hindu  

Kicking off its borrowing plan to meet the GST compensation shortfalls faced by States, the Centre on Friday borrowed and transferred ₹6,000 crore to 16 States as well as the Union Territories of Delhi and J&K. As of now, 21 States had selected the Centre’s option to borrow ₹1.1 lakh crore out of the total ₹2.35 lakh crore GST compensation …

Centre Borrows, Transfers Rs 6,000 Crore to 16 States and 2 UTs
4 years, 2 months ago

Centre Borrows, Transfers Rs 6,000 Crore to 16 States and 2 UTs

News 18  

New Delhi: The Centre has borrowed and transferred Rs 6,000 crore as the first tranche of GST compensation shortfall to 16 states and two union territories, including Maharashtra, Gujarat, Bihar, Assam, Delhi and J&K, the finance ministry said on Friday. The finance ministry said that the Centre would borrow from the market to pay the GST compensation shortfall of Rs …

An incomplete solution: The Hindu Editorial on Centre borrowing for States to meet GST shortfall
4 years, 2 months ago

An incomplete solution: The Hindu Editorial on Centre borrowing for States to meet GST shortfall

The Hindu  

The past week witnessed some forward, albeit inexplicably delayed, movement towards breaking the deadlock between the Centre and States on bridging this year’s shortfall in cess collections to recompense States for adopting the GST. To recap — the Centre had argued that just ₹1.1-lakh crore of the estimated ₹2.35-lakh crore shortfall in GST cess inflows was due to GST implementation; …

Smart Arithmetic: Centre Agreeing to Take on GST Debt Should Help States' Finances
4 years, 2 months ago

Smart Arithmetic: Centre Agreeing to Take on GST Debt Should Help States' Finances

News 18  

The Centre has shown its arithmetic abilities in the game of one-upmanship with states over who foots the GST compensation shortfall in this pandemic year. “The most amicable way would have been not to offer two options but one straight option where entire GST shortfall was divided into two equal parts: one half to be borrowed by the Centre and …

GST: State welcomes offer, but wants to raise borrowing
4 years, 2 months ago

GST: State welcomes offer, but wants to raise borrowing

The Hindu  

Even while welcoming the Centre’s decision to borrow through a special window and provide back-to-back loans to the States in lieu of the Goods and Services Tax compensation, Kerala is putting pressure to borrow ₹1.70 lakh crore instead of the present offer of ₹1.1 lakh crore. Deferred payment “We have welcomed the Centre’s offer to borrow ₹1.1 lakh crore. Union …

After GST Shortfall Issue, Chidambaram Wants Centre to Work and 'Re-establish Trust with States'
4 years, 2 months ago

After GST Shortfall Issue, Chidambaram Wants Centre to Work and 'Re-establish Trust with States'

News 18  

After the Union government agreed to borrow Rs 1.10 lakh crore on behalf of states to meet the GST shortfall, Congress leader P Chidambaram said Friday that the Centre has taken the "correct first step" and it should now work to re-establish trust with them. "Having taken the correct first step, I urge the PM and the FM to take …

How Centre borrowing Rs 1.1 lakh crore will impact states, Nirmala Sitharaman explains in a letter
4 years, 2 months ago

How Centre borrowing Rs 1.1 lakh crore will impact states, Nirmala Sitharaman explains in a letter

Hindustan Times  

A day after the Centre announced that it would borrow Rs 1.1 lakh crore on behalf of the states — much to the relief of the states as now they don’t have to borrow to pay the GST compensation shortfall— finance minister Nirmala Sitharaman wrote to all states explaining the change in stance. The total GST revenue shortfall for the …

Centre reveals GST borrowing plan as states prep to move SC
4 years, 2 months ago

Centre reveals GST borrowing plan as states prep to move SC

Live Mint  

The central government on Thursday said it will borrow under a special Reserve Bank of India window and lend the money to states that opt for debt to bridge their revenue gap this fiscal arising from the indirect tax reform three years ago. An official statement issued by the finance ministry said the estimated shortfall of ₹1.1 trillion, assuming all …

Centre revises H2 borrowing calendar to accommodate GST compensation
4 years, 2 months ago

Centre revises H2 borrowing calendar to accommodate GST compensation

Live Mint  

The central government late on Thursday said it was modifying its borrowing calendar for the second half to operationalise a special borrowing window meant for states to bridge their Goods and Services Tax revenue gap. “To operationalize the special window to states for meeting the GST compensation cess shortfall of ₹1,10,000 crore, the government of India’s borrowing calendar is being …

Govt Issues Fresh Borrowing Calendar with Additional Rs 1.1 Lakh Crore for Meeting GST Shortfall
4 years, 2 months ago

Govt Issues Fresh Borrowing Calendar with Additional Rs 1.1 Lakh Crore for Meeting GST Shortfall

News 18  

With the Centre deciding to borrow Rs 1.1 lakh crore on behalf of states to help them meet the GST revenue shortfall, the government on Thursday issued a fresh borrowing plan by including the additional amount in its calendar for the second half. Last month, the Finance Ministry had said the government will borrow Rs 4.34 lakh crore in the …

Centre to borrow up to Rs 1.1 lakh crore on behalf of states to meet GST shortfall
4 years, 2 months ago

Centre to borrow up to Rs 1.1 lakh crore on behalf of states to meet GST shortfall

Firstpost  

The amount will be borrowed by the Centre under the Special Window in appropriate tranches and will be passed on to states in back-to back loans, said a finance ministry statement. However, it did not say who will service the interest and principal payments New Delhi: The Central government will borrow up to Rs 1.1 lakh crore on behalf of …

After Deadlock Over GST Shortfall, Finance Ministry Says Centre to Borrow and Pass Amount to States
4 years, 2 months ago

After Deadlock Over GST Shortfall, Finance Ministry Says Centre to Borrow and Pass Amount to States

News 18  

Finance Ministry on Thursday said the central government will borrow Rs 1.1 lakh crore to make up for the shortfall in GST of states. If the centre has decided to borrow the Rs 1.1 lakh crore and extend it to the states as a back-to-loans, I welcome the change of position. — P. Chidambaram October 15, 2020 The second GST …

Tamil Nadu, 20 Other States to Borrow Additional Rs 78,452 Cr to Meet Revenue Shortfall
4 years, 2 months ago

Tamil Nadu, 20 Other States to Borrow Additional Rs 78,452 Cr to Meet Revenue Shortfall

News 18  

A day after granting permission to 20 states for mobilising Rs 68,825 crore, the government on Wednesday allowed Tamil Nadu to raise an additional Rs 9,627 crore through open market borrowings to bridge the revenue shortfall caused by the COVID-19 pandemic. The borrowing permission issued to the 21 states is over and above the borrowing permission of around Rs 1.10 …

Amid Stalemate, Centre Permits 20 States to Raise Rs 68,825 Cr Via Borrowing to Meet GST Shortfall
4 years, 2 months ago

Amid Stalemate, Centre Permits 20 States to Raise Rs 68,825 Cr Via Borrowing to Meet GST Shortfall

News 18  

The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall. The Centre had in August given two options to the states — to borrow either Rs 97,000 crore from a special window facilitated by the RBI or Rs 2.35 lakh crore from the market. The Department of Expenditure, …

No Consensus to Make up for GST Shortfall of States, Says FM Sitharaman after Council Meeting
4 years, 2 months ago

No Consensus to Make up for GST Shortfall of States, Says FM Sitharaman after Council Meeting

News 18  

The second GST Council meeting in a week, held on Monday, did not end the deadlock between opposition states and Centre, with Finance Minister Nirmala Sitharaman urging the states to opt for the first borrowing option. The two borrowing options given by the Centre to the states at an earlier GST meeting included: calculating GST related shortfall in revenue at …

'Why is Your CM Mortgaging Your Future for Modi': Rahul Gandhi to People on GST Compensation
4 years, 2 months ago

'Why is Your CM Mortgaging Your Future for Modi': Rahul Gandhi to People on GST Compensation

News 18  

Congress leader Rahul Gandhi on Monday took a jibe at the state governments that have agreed to the Centre’s borrowing proposal on the GST compensation issue and asked people as to why their chief ministers were “mortgaging” their future for Prime Minister Narendra Modi. In August, the Centre gave two options to the states to borrow either Rs 97,000 crore …

GST Council meet today to discuss compensation issue
4 years, 2 months ago

GST Council meet today to discuss compensation issue

India TV News  

As the GST compensation cess issue still remains unresolved with around 10 opposition-ruled states and Union Territories not agreeing with the Centre's borrowing proposals, the GST Council, consisting of all state Finance Ministers and headed by the Union Finance Minister, will meet today to discuss and try to reach to a consensus on the matter. This gap, however, needs to …

GST Council meet ends with no consensus, Centre says will not borrow for states
4 years, 2 months ago

GST Council meet ends with no consensus, Centre says will not borrow for states

India Today  

The deadlock over compensating states for the shortfall in GST collections continued on Monday with the 42nd meeting of the GST Council ending without reaching any consensus. Finance Minister Nirmala Sitharaman, who heads the Council, said the Centre cannot borrow and pay states for the shortfall as it would lead to a rise in bond yields, resulting in the rise …

GST Council to Discuss Compensation Issue for Third Time in a Row Tomorrow
4 years, 2 months ago

GST Council to Discuss Compensation Issue for Third Time in a Row Tomorrow

News 18  

The GST Council in its meeting on Monday is likely to discuss the suggestion of non-BJP ruled states of setting up a ministerial panel to develop consensus on the issue of compensation, sources said. The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising of state finance ministers, will for the third time in a row discuss the issue …

The GST's uncertain future
4 years, 3 months ago

The GST's uncertain future

India Today  

The true test of leadership comes in times of adversity—the ability to develop consensus when the going gets tough. On November 27, 2019 the GST council wrote to state governments, informing them that GST and compensation cess collections in the previous few months had become ‘a matter of concern’ and that compensation requirements were ‘unlikely to be met’. The GST …

GST Compensation Quandary: States Ruled by BJP Rivals Need to Soften Stand and See Reason
4 years, 3 months ago

GST Compensation Quandary: States Ruled by BJP Rivals Need to Soften Stand and See Reason

News 18  

The inconclusive GST Council meeting, with repeated sparks between the Centre and Opposition-ruled states over the payment of compensation, sets a rather sad precedent. Decision was postponed to the next meeting on 12th of October.— Thomas Isaac October 5, 2020 Kerala’s finance minister Thomas Isaac tweeted after the council’s meeting that “10 states demand that full compensation should be paid …

Centre to Release Rs 20,000 Cr to States as GST Compensation, Cess to Be Levied Beyond 2022
4 years, 3 months ago

Centre to Release Rs 20,000 Cr to States as GST Compensation, Cess to Be Levied Beyond 2022

News 18  

The Centre on Monday said it will tonight release Rs 20,000 crore to states on account of GST compensation dues. Briefing reporters after the meeting of the 42nd GST Council here, Finance Minister Nirmala Sitharaman said the states which received less apportionment of Integrated GST for 2017-18, the Centre will next week transfer a cumulative Rs 24,000 crore to them. …

Stormy GST Council meet likely on Monday; non-BJP states to oppose Centre's borrowing option
4 years, 3 months ago

Stormy GST Council meet likely on Monday; non-BJP states to oppose Centre's borrowing option

India TV News  

The GST Council meeting on Monday may turn into a stormy affair, with non-BJP ruled states still being in disagreement with the Centre on the compensation issue. While as many as 21 states, mostly ruled by BJP or parties which have supported it on issues, had till mid-September opted to borrow Rs 97,000 crore to meet the GST revenue shortfall …

21 States Accept Rs 97,000 crore Borrowing Proposal to Meet GST Shortfall
4 years, 3 months ago

21 States Accept Rs 97,000 crore Borrowing Proposal to Meet GST Shortfall

News 18  

As many as 21 states, mostly ruled by BJP or parties which have supported it on various issues, have opted to borrow Rs 97,000 crore to meet the GST revenue shortfall in the current fiscal, sources said on Sunday. In the current fiscal, the states are staring at a staggering Rs 2.35 lakh crore Goods and Services Tax revenue shortfall. …

Take Loan from World Bank to Help States Battle Economic Crisis: Shiv Sena Slams Centre
4 years, 3 months ago

Take Loan from World Bank to Help States Battle Economic Crisis: Shiv Sena Slams Centre

News 18  

The Shiv Sena on Friday slammed the Modi government over the economic crisis faced by the country, saying demonetisation and "mishandling" of the coronavirus-induced lockdown were to be blamed for the current situation. "Maharashtra, Gujarat, Uttar Pradesh, Tamil Nadu and Delhi have borne the maximum brunt of COVID 19 and suffered losses worth Rs 14.4 lakh crore," the Sena publication …

There's a crisis, take loan from World Bank to help States: Shiv Sena tells Centre
4 years, 3 months ago

There's a crisis, take loan from World Bank to help States: Shiv Sena tells Centre

India TV News  

Mumbai: The Shiv Sena on Friday slammed the Modi government over the economic crisis faced by the country, saying demonetisation and "mishandling" of the coronavirus-induced lockdown were to be blamed for the current situation. "Maharashtra, Gujarat, Uttar Pradesh, Tamil Nadu and Delhi have borne the maximum brunt of COVID 19 and suffered losses worth Rs 14.4 lakh crore," the Sena …

Karnataka Govt to Borrow Rs 33,000 Cr to Cope with Revenue Loss amid Pandemic, Take up Devpt Works
4 years, 3 months ago

Karnataka Govt to Borrow Rs 33,000 Cr to Cope with Revenue Loss amid Pandemic, Take up Devpt Works

News 18  

The Karnataka government on Tuesday decided to borrow Rs 33,000 crore to cope with the revenue loss owing to COVID-19 pandemic situation and take up development works, Law and Parliamentary Affairs Minister JC Madhuswamy said. The state cabinet meeting decided to amend the Fiscal Responsibility Act to increase its borrowing limit from three per cent to the five per cent …

₹1.51 Lakh Crore GST Compensation Due To States; GDP Contraction, Lockdown, Etc., Reasons For Revenue Shortfall: Centre Tells Lok Sabha
4 years, 3 months ago

₹1.51 Lakh Crore GST Compensation Due To States; GDP Contraction, Lockdown, Etc., Reasons For Revenue Shortfall: Centre Tells Lok Sabha

Live Law  

The GST compensation due to states stands at over ₹1.51 lakh crore, said the Union Ministry of Finance on Monday in the Lok Sabha.The Ministry said that the nominal GDP for Q1, 2020-21 shows a contraction of 22.6% which is one of the major reasons for the revenue shortfall in GST. The GST compensation due to states stands at over …

GST compensation due to States is ₹1.51 lakh cr.
4 years, 3 months ago

GST compensation due to States is ₹1.51 lakh cr.

The Hindu  

The GST collection during April-August declined on account of the COVID-19 induced lockdown, and the compensation due to States stands at over ₹1.51 lakh crore, Minister of State for Finance Anurag Singh Thakur said on Monday. The provisional GST compensation due to States and Union Territories for 2020-21 was highest for Maharashtra at ₹22,485 crore, followed by Karnataka, Uttar Pradesh, …

GST Compensation Due to States Stands at Rs 1.51 Lakh Crore, Maharashtra Leads: Anurag Singh Thakur
4 years, 3 months ago

GST Compensation Due to States Stands at Rs 1.51 Lakh Crore, Maharashtra Leads: Anurag Singh Thakur

News 18  

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 lakh crore, Minister of State for Finance Anurag Singh Thakur said on Monday. The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at Rs 22,485 crore, followed by Karnataka, Uttar Pradesh, Gujarat and …

13 States Submit Borrowing Options to Centre to Fund GST Shortfall
4 years, 3 months ago

13 States Submit Borrowing Options to Centre to Fund GST Shortfall

News 18  

As many as 13 states ruled by the BJP and parties that have supported it on various issues have submitted their borrowing options to the Centre to meet the GST revenue shortfall. The Centre late last month gave two options to the states to borrow either Rs 97,000 crore from a special window facilitated by the RBI or Rs 2.35 …

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