Page 6 - Gst Compensation

GST Council to discuss compensation issue for third time in a row on Monday

The projected total compensation shortfall in current fiscal stands at Rs 2.35 trillion

Decoded: What GST Council decided for taxpayers, big and small

Here's a look at the most important decisions and what they mean for the average taxpayer.

Willing to compromise on GST compensation: Kerala FM Thomas Isaac

FM Isaac said the Centre must do away with the bifurcation of revenue shortfall arising due to Covid-19 and GST implementation.

No breakthrough in GST compensation deadlock; next Council meet on Oct 12

About two thirds of states opt for RBI-window of Rs 1.10 trillion, rest still want the Centre to borrow instead

Tamil Nadu may go with Option-1 for GST compensation, but seeks tweaks

State reiterates that Centre is bound to compensate the shortfall in GST collections and should find necessary funds for the purpose if there was a shortfall in cess collections

GST row: Govt proposes to revise Option 1, Oppn states may table 3rd option

Centre is likely to propose extending the compensation cess period by another two years beyond June 2022

GST compensation row: States may seek 3-member dispute resolution body

2011 Bill outlined such a structure, but it was not included in Act

GST collections for Sept may cross Rs 95,000 cr for first time in FY21

The highest GST collections reported in the current fiscal year so far were Rs 90,917 crore in June

Fiscal transparency

Concerns raised by the CAG must be addressed

Centre used GST compensation cess elsewhere, broke law, says CAG

CAG said out of the Rs 62,612 crore GST Compensation Cess collected in 2017-18, Rs 56,146 crore was transferred to the non-lapsable fund.

CAG findings on IGST sharing may strain Centre-state relations further

As per rules, IGST must be shared equally between Centre and states and union govt is bound to part with another 42% of its share as per 15th Finance Commission recommendations

Credit for reform: Centre allows 5 states to borrow Rs 9,913 cr extra

Permission granted on meeting of one-nation-one-ration card reform

GST compensation row: Have not picked either option, says Puducherry CM

Rebuts FinMin claim that UT is among those to opt for RBI window to meet shortfall in GST

Mismanaging GST

Compensation issue should have been deftly handled

Tax Bill to expand faceless assessment scheme, provide relief to taxpayers

The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March

21 states opt for Rs 97,000-crore RBI window to meet GST shortfall

This would help the proposal get cleared in the GST Council in case of voting

Some states against borrowing options to meet GST shortfall: MoS Finance

Some states have objected to the proposed borrowing plan of the Centre to fund the GST revenue shortfall and they are being requested to exercise either of the two options, Anurag Singh Thakur said

The GST compensation conundrum: Maharashtra leads in dues, shows data

The compensation cess collection is 26.4 per cent lower in the April-August period this year on a year-on-year basis

GST compensation due to states at Rs 1.51 trillion, Maharashtra owed most

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 trillion, MoS for Finance Anurag Singh Thakur said

13 states submit borrowing option to Centre to fund GST shortfall

These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand and Meghalaya