The motto of the government earlier was "jaan hai to jahaan hai", but now it is "jaan bhi jahaan bhi", the PM said
States, so far, have been paid pending dues till November and the remaining will be cleared in phases soon
second fiscal stimulus likely to be announced soon
This is for the first time that the Centre has given compensation to states for one month only
In a statement, the finance ministry said Rs 19,950 crore was released to states and union territories on last Monday
The Centre has estimated a compensation cess shortage of Rs 63,200 crore in 2019-20 (FY20)
At the time of the introduction of GST, it was agreed that the Centre would compensate states for shortfall in GST collections as per a defined formula
Centre for rate hike to make up for Rs 30K-cr revenue gap
Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16
The agency assesses the compensation for the losses related to the goods and services tax (GST), required by all the states for the period from October 2019 to January 2020, at Rs 60,000-70,000 crore
IGST collection on imports shows a disturbing trend with a fall for four consecutive months
Centre will recover the excess amount paid last year by adjusting the same in this year's payment
Subdued economic growth and reductions in GST rates have resulted in a muted 3.7 per cent rise in the headline GST collections in April-November 2019
The idea was discussed during the presentation given by chairman of the 15th Finance Commission (15th FC) N K Singh, in the previous GST Council meeting
In the Council meeting, the panel resorted to voting to decide whether a uniform tax on lotteries should be levied or a two-rate system be followed.
The payment was pending since August, drawing protests from states, particularly non-BJP ruled ones
Move comes ahead of GST Council meeting
The GST Council, the highest decision making body of the indirect tax regime, is slated to hold its meeting on December 18
KCR says despite a higher tax devolution as per Union Budget 2019-20, the receipts by the state till November were actually lower than in the same period last year
Sitharaman's statement comes after Kerala last week threatened to take the central government to Supreme Court over delay in the payment of compensation to states