I believe there should be a review of how GST has been implemented. My view is that there needs to be a rethink on GST, the CM said
Punjab FM says not paying cess amounts to sovereign default
Sonia Gandhi on Tuesday reached out to the chief ministers of West Bengal, Maharashtra and Jharkhand on the issue of compensation to states
Tthe Attorney General has opined that there is no obligation on the central government to pay the GST compensation shortfall to the states
Attorney General K K Venugopal has suggested that the Council can recommend to the Centre to allow states to borrow on the strength of future receipts from the compensation fund
Says Centre not obliged to pay GST compensation shortfall; experts dislike idea of burdening states with additional debt
K K Venugopal does not recommend borrowings by GST council; experts dislike the idea of burdening states with more debt
Cess collection was at Rs 95,444 crore, surplus fund of previous years and unallocated IGST fund used
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While Punjab and Kerala will press the GST Council to borrow in order to compensate states, Bihar Deputy Chief Minister Sushil Kumar Modi called the idea "wishful thinking"
However, the rate of decline has come down considerably to just 9.02 per cent from 38.17 per cent in May and 71.63 per cent in April
Modi tells Dilasha Seth that the proposed reforms like simplified return form and e-invoicing facility, among others, will be difficult to push through in the fourth year.
The GST regime was ushered in without adequate preparation of the information technology platform for filing returns
The government has rung up just about Rs 95,000 crore as GST in April and May together, and that is less than half compared with the collection in the corresponding months last year.
Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May
Subramanian also said that the Centre had gone beyond its means to support states, was keeping its options open regarding deficit monetisation, and that the new privatisation policy would be out soon
States have been up in arms against the Centre over the non-payment of compensation dues according to the calender
This is equivalent to 2.1 per cent of the country's estimated GDP
Raising GST rates or rationalisation of tax slabs may be discussed by the GST Council in the next meeting to be scheduled early next month.
Assocham President Niranjan Hiranandani said his talks with government officials showed dues to industry and states were pending in the form of refunds of I-T, VAT, and GST, and compensation