From theatres gearing to open from October 15 to the government allowing states to borrow Rs 69,000 crore in GST shortfall, here are top headlines this morning
Here's a selection of Business Standard opinion pieces for the day
GST compensation issue needs a pragmatic approach
Kerala Finance Minister Thomas Isaac said, Sitharaman's announcement that she would permit 21 states to borrow in line with Option 1 was illegal
Dissenting states may move SC, press for dispute resolution authority, refer matter to GoM
The projected total compensation shortfall in current fiscal stands at Rs 2.35 trillion
Here's a look at the most important decisions and what they mean for the average taxpayer.
FM Isaac said the Centre must do away with the bifurcation of revenue shortfall arising due to Covid-19 and GST implementation.
About two thirds of states opt for RBI-window of Rs 1.10 trillion, rest still want the Centre to borrow instead
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
Centre is likely to propose extending the compensation cess period by another two years beyond June 2022
2011 Bill outlined such a structure, but it was not included in Act
The highest GST collections reported in the current fiscal year so far were Rs 90,917 crore in June
Concerns raised by the CAG must be addressed
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.
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
Permission granted on meeting of one-nation-one-ration card reform
Rebuts FinMin claim that UT is among those to opt for RBI window to meet shortfall in GST
Compensation issue should have been deftly handled
The legislation provides tax exemption for contributions made to PM-CARES Fund, which was set up in March