Centre gives two options to States on GST compensation

News: Finance Minister has chaired the 41st GST Council meet.The council discussed states compensation and revenue losses. Facts: Union Finance Minister has placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues pegged at Rs 2.3 lakh crore in the current fiscal.The two options are: First Option:… Continue reading Centre gives two options to States on GST compensation

GST Council rings first alarm bells on revenue

News:The GST Council has written to states telling them that the GST and compensation cess collections are unlikely to be met this year. Facts: About GST Compensation Cess: A cess is a tax that is levied by the government to raise funds for a specific purpose. As part of the GST reforms, the GST Compensation… Continue reading GST Council rings first alarm bells on revenue