November 11, 2020 6:55 am
The total GST revenue shortfall for the current fiscal was estimated at Rs 3 lakh crore, of which compensation cess collection was estimated at Rs 65,000 crore, leaving a compensation deficit of Rs 2.35 lakh crore.
October 13, 2020 11:56 pm
It is important to note that three main states that have opposed to the borrowing as proposed by the Centre are those that figure in the list of top 5 states in terms of liabilities-GSDP ratio.
October 14, 2020 9:34 am
Kerala Finance Minister Thomas Isaac had said Monday that the announcement that 21 states will be allowed to choose Option 1 is “illegal”.
October 07, 2020 12:23 am
A voting on the issue in the next GST Council meeting on Monday looks more certain with the Opposition-ruled states sticking to their stance of not agreeing to the borrowing options offered by the Centre.
September 22, 2020 10:09 am
The central government had on Sunday said that 21 states have opted for Option 1 — borrowing of Rs 97,000 crore through an RBI-facilitated special window to meet this year’s compensation deficit of Rs 2.35 lakh crore.
September 21, 2020 5:24 pm
GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.
September 17, 2020 12:40 pm
If the two options made available by the Centre are forced through with a majority vote at the next GST Council meeting, "it will be a historic mistake for India", Mitra said.
September 14, 2020 5:16 pm
Only one state, Manipur, has so far opted for Option 2 which involves borrowing the entire compensation deficit from the market.
September 03, 2020 12:50 am
The modalities for the special borrowing window are being worked out at a time when Karnataka on Wednesday became the first state to confirm its choice for option 1 — states’ borrowing of Rs 97,000 crore — out of the two options presented to states by the Centre to meet the compensation shortfall.
August 28, 2020 12:22 pm
While plans to announce further easing of curbs were in the works, the Centre’s stance regarding outstanding GST payments might force the state’s fiscal managers to rethink plans, said senior officials.