Andhra Pradesh Chief Minister Jaganmohan Reddy has said that borrowing is the only way to overcome the crisis facing states amid the Center’s inability to repay the Rs 2.35 lakh crore shortfall in their participation in income from the goods and services tax (GST) this financial year. “The only way …
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Five states not governed by the BJP on Monday rejected a proposal put forward by the central government at last Thursday’s Goods and Services Tax (GST) Council meeting that states could borrow to cover their current shortfall in GST revenue. The states agreed during a meeting of finance ministers from …
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The Center’s suggestion that states borrow to cover the revenue shortfall in the Goods and Services Tax (GST) has run into some turmoil and some states governed by non-Bharatiya Janata Party (BJP) parties reject both. options presented to them. West Bengal, Kerala, Delhi and Punjab have opposed the plan. The …
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The uncontrolled spread of the coronavirus pandemic across the country has put India’s economy, society and politics under unprecedented strain. A glimpse of the scale of the economic destruction caused was revealed at the 41st meeting of the GST (Goods and Services Tax) Council, where the deficit in compensation payment …
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NEW DELHI: On Saturday, the Center circulated two options for states to borrow and comply with GST deficit, which will be reimbursed through an extension of the compensation cut beyond the June 2022 deadline. The proposal, however, did not find support from all states. Most of the states not governed …
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States will not have to pay either principal or interest if they choose to borrow just Rs 97,000 crore to cover the deficit in goods and services tax (GST) offset arising from GST implementation problems, but they will have to bear significant interest costs if choosing to borrow the entire …
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