Tag Archives: gst deficit

The 28 states and the three Union Territories (UT) with legislatures have decided to opt for Option 1 to cover the income deficit that arises from the implementation of the Goods and Services Tax (GST), according to an official statement from the Ministry of Finance. Jharkhand, the only remaining state, …

NEW DELHI: The Center has borrowed and transferred Rs 6 billion as the first tranche of GST compensation deficit to 16 states and two union territories, including Maharashtra, Gujarat, Bihar, Assam, Delhi and J&K, the Finance Ministry said on Friday. Last week, the Center gave in to demands by opposition-ruled …

To compensate for the deficit of the Goods and Services Tax (GST), the central government has borrowed and transferred ₹6 billion rupees as the first tranche to 16 states and union territories under a special debt window, the Finance Ministry said on Friday. The interest rate has been set at …

NEW DELHI: One day after the Center agreed to borrow Rs 1.10 lakh crore on behalf of the states for meet GST deficit, finance minister Nirmala Sitharaman on Friday he reached out to all states to explain the contours of the special window. The finance minister’s letter to the states …

The borrowing, said a statement from the Ministry of Finance, “will have no impact on the fiscal deficit of the Government of India.” The central government will borrow up to Rs 1.10 lakh crore on behalf of states to cover the shortfall in GST collections, the Finance Ministry said on …

The central government will borrow ₹Rs 1.1 million lakh under the special window to cover the goods and services tax (GST) offsetting deficit, the Finance Ministry reported on Thursday. “In the framework of the Special Window for States to cover the GST compensation deficit, the estimated deficit of ₹The Government …

NEW DELHI: Today’s GST Council meeting promises to be a stormy affair with the center and opposition-ruled states not only divided on compensation for a “shortfall” in collections, but also on the question of an authority dispute resolution driven by opposition-ruled states. Punjab first echoed the lawsuit shortly after the …

According to the CAG audit, the Union government collected Rs 95,081 crore as GST compensation assignment in 2018-19, but only transferred Rs 54,275 crore to the GST compensation fund. The Union government violated the GST Compensation Cessation Act, 2017, by wrongly withholding Rs 47,272 crore in the Consolidated Fund of …

“We will discuss and take a call on how to borrow and solve the income deficit (GST). We have given you two options. If they are not acceptable to them, we will discuss it and find a solution. But that doesn’t mean we don’t want to compensate, “Sitharaman said in …

Over the past few weeks, there has been a heated discussion between the central and state governments about offsetting the goods and services tax (GST). The Center had assured states compensation for any shortfall in tax collection through 2022. Mint explores the issue. Why is tax revenue so stressed? Tax …