Shortfall In Gst Revenues

Committed to compensate states for 5 yrs for revenue loss due to GST: FM

The Centre is committed to compensate states for five years for the revenue loss due to GST implementation as provided in the statute, Finance Minister Nirmala Sitharaman said on Tuesday.

K'taka CM demands extension of GST compensation to states for 3 more yrs

Basavaraj S Bommai on Thursday demanded the Centre to extend the GST compensation period to states beyond 2022, for three more years

Centre frontloads Rs 75,000 crore to states as GST compensation

Move to help state govts spur capex amid pandemic

GST compensation: Oppn-ruled states claim Rs 55,000-cr underestimation

They have also sought an additional compensation of Rs 65,000 crore for FY21

More misses than hits

GST Council should have addressed pressing issues

GST Council meet: Govt to borrow Rs 1.58 trn for compensation shortfall

States' demand for the extension of the compensation period beyond June 2022 will be taken up in a separate meeting

Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19

The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1 trillion estimated in the Budget

States likely to ask for five-year extension of GST compensation

Tax sops on Covid supplies to also be on agenda at Council meet

Rationalise rates

GST Council must address the shortfall in collection

How LDF's handling of three crises could shape the poll narrative in Kerala

The electorate is most likely to rate the govt on its response to the flood, its management of the economy after GST, and its recent response to Covid-19

Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct

The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of ...

Finance commission recommendations aren't a one-day match: N K Singh

In a Q&A, the chairman of the 15th Finance Commission is emphatic that cooperative federalism remains robust and dwells on the possibilty of dividing agro infra cess between Centre and states

Cleaning up taxes

Govt must seize opportunity to reform holes in tax system

GST's high point

More than recovery, better compliance has improved collection

FinMin releases Rs 6K crore to states to meet GST compensation shortfall

The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 trillion in revenue arising on account of implementation of GST

GST revenues take a beating as Council tweaks rates far too often

Centre to propose one a year tweaking; states say proposal is not enough, slabs need to be changed, experts call for flexibility to cater to immediate needs

Chhattisgarh, Punjab to opt for centre's borrowing option on GST shortfall

This leaves Jharkhand as the odd one out

Rajasthan accepts Centre's borrowing option to meet GST shortfall

Congress-ruled Rajasthan has accepted the Centre's borrowing proposal to meet GST revenue shortfall and will get over Rs 4,600 crore through the special window. "The Government of Rajasthan has communicated its acceptance for Option-1out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation," the Finance Ministry said in a statement. With this the state will get Rs 4,604 crore through special borrowing window and also permission to raise additional Rs 5,462 crore through borrowings, it added. Before Rajasthan joined in, 21 states and 3 union territories (UTs) had opted for the borrowing plan proposed by the Centre to meet the Rs 1.83 lakh crore shortfall in Goods and Services Tax (GST) collection of states. Under the borrowing plan (Option-1), the Centre would borrow from market Rs 1.10 lakh crore to meet revenue shortfall on account of GST implementation. The remaining Rs 73,000 crore shortfall is estimated to be

Bridge the gap

Centre's decision to borrow doesn't fully address the GST issue

GST shortfall: Govt issues fresh borrowing calendar with extra Rs 1.1 trn

The additional amount for meeting the GST compensation shortfall shall be raised equally at the rate of Rs 55,000 crore under the 3 year and 5 year tenors