More

    FM: GST compensation gap of over Rs two lakh crore can be met by states in consultation with RBI

    Must Read

    Three injured after Innova plunged into Dhadhar river broken the bridge railing

    Driver miraculously escaped in the accident Three persons injured and driver miraculously escaped after...

    Launch of IAS / IPS / GPSC Training Center at DJMIT Engineering College Mogar

    Charotar youth dream of becoming an IAS will come true Training Center of...

    ICG rescues crew onboard MSV Krishna Sudama

    The Indian Coast Guard rescued 12 crew of MSV Krishna Sudama (MMSI- 419956117) around 10 nautical miles...

    States have been given two borrowing options to meet shortfall of GST compensation. After chairing the 41st GST Council meet yesterday, Finance Minister Nirmala Sitaraman said, the two options were placed before states so that each state does not have to struggle for loans.

    Ms Sitharaman said, this year’s entire GST compensation gap of two lakh 35 thousand crore rupees can be met by the States, in consultation with RBI. She said, States have requested for details of both the options, and sought seven working days to deliberate on it and get back. These options will be available only for this year.

    The Minister said, once the arrangement is agreed upon by GST Council, dues will be cleared fast and also take care of the rest of the financial year. She said, government will give a further relaxation of 0.5 per cent in States’ borrowing limit under FRBM Act. Finance Minister said there was no proposal to raise tax rates to make up for the shortfall that has been compounded by the COVID-19 pandemic.

    Finance Secretary Ajay Bhushan Pandey has said, GST collection has been severely impacted due to covid pandemic.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Earthquake of 4.5 magnitude hits Jammu and Kashmir

    A medium-intensity earthquake hit Jammu and Kashmir on Saturday, but there were no reports of any damage...

    Launch of IAS / IPS / GPSC Training Center at DJMIT Engineering College Mogar

    Charotar youth dream of becoming an IAS will come true Training Center of AIGATE (Ais & GPsc Aptitude...

    ICG rescues crew onboard MSV Krishna Sudama

    The Indian Coast Guard rescued 12 crew of MSV Krishna Sudama (MMSI- 419956117) around 10 nautical miles off Okha on the night...

    27 September – Know your today’s horoscope

    Aries:A beneficial day to work on things that will improve your health. By spending money on essential household items, you will definitely...

    Covid 19 cases reached 11318 in Vadodara after 126 new cases on Saturday

    Total 94 discharged from hospital taking the total to 9543 Covid 19 cases in Vadodara reached 11318 mark after...

    More Articles Like This

    - Advertisement -