While getting states on board to launch GST, the Centre had agreed to compensate states for five years if the annual growth in collections was under 14%. The pandemic has resulted in a massive shortfall in collections and may require compensation of Rs 3.5 lakh crore this year. With the cess on cars, tobacco, soft drinks and coal also not generating the required funds, compensation payment has been delayed, prompting a special meeting of the all-powerful GST Council today to deal with the issue on which Opposition-ruled states have come together.
from Times of India https://ift.tt/3b0hzdh
Wednesday, August 26, 2020
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