In a meeting, the GST Council has failed to reach a consensus on ways to compensate states as the panel was split on political lines over using borrowing as a tool.
The Finance Minister, Nirmala Sitharaman said that 21 states had opted for one of the two options that was suggested by the Centre for borrowing to meet the shortfall in GST collections.
The minister said that the Council has decided to go for more deliberations as some state did not opt for any of the two options. She also added that the panel will again meet on 12 October.
Further to it she said the panel decided to extend using GST cess collections to compensate states beyond the previously agreed June 2022 timeframe.
Finance Secretary, Ajay Bhushan Pandey said that apart from easing the compliance burden of small taxpayers, the panel also exempted satellite launch services by ISRO and Antrix.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
