India News | GST Council Fails to Reach Consensus on Compensating States
Get latest articles and stories on India at LatestLY. A crucial meeting of the GST Council on Monday failed to reach a consensus on ways to compensate states as the panel was split on political lines over using borrowing as a tool.
New Delhi, Oct 5 (PTI) A crucial meeting of the GST Council on Monday failed to reach a consensus on ways to compensate states as the panel was split on political lines over using borrowing as a tool.
Briefing reporters after a marathon meeting of the panel, Finance Minister Nirmala Sitharaman said 21 states had opted for one of the two options the Centre had previously suggested for borrowing to meet the shortfall in GST collections.
But some states did not opt for any of the two options, and the Council decided for more deliberations, she said, adding the panel will meet again on October 12.
She said the panel decided to extend using GST cess collections to compensate states beyond previously agreed June 2022 timeframe.
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The panel besides easing compliance burden of small taxpayers also exempted satellite launch services by ISRO and Antrix, Finance Secretary Ajay Bhushan Pandey said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)