COMPENSATION CESS

GST Council to discuss compensation cess today, opposition-ruled states may push for vote at meeting

The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising of state finance ministers, will for the third time in a r...

GST Council meeting today; Centre, states headed for another showdown on compensation cess

As the GST compensation cess issue still remains unresolved with around 10 opposition-ruled states and Union Territories not agreeing with ...

BJP-ruled States seek faster GST solution, want expeditious rollout of borrowing window

Opposition-ruled states want the Centre to borrow the money and compensate them for revenue lost due to the introduction of GST in 2017. So...

GST: Opposition-ruled states seek Rs 35,000 crore GST compensation cess

Compensation in lieu of GST transition is transferred to states in bimonthly instalments. Three such payments — for April-May, June-July an...

States should stand firm, reject Centre's options on GST compensation cess: Chidambaram

The former finance minister said the states should not borrow as the liability to provide Goods and Services Tax (GST) compensation as well...

42nd GST meet: Rs 20,000 crore Compensation cess collected this year to be disbursed to all states tonight​​​

​​Earlier today, the GST panel had increased borrowing limit of Rs 1.1 lakh crore instead of Rs 97,000 crore in the first borrowing limit t...

42nd GST meet: Rs 20,000 cr compensation cess to be disbursed to states, no consensus on compensating states; satellite launches exempt from GST

After an inconclusive GST meet, finance minister Nirmala Sitharaman announced that Compensation cess collected this year, amounting to Rs 2...

Temporary retention of GST compensation in the Consolidated Fund isn't diversion: FinMin Sources

"In all earnest there has been no diversion of funds... the time taken in reconciliation of compensation receipts can’t be termed as divers...

Centre 'betrayed' states by transferring compensation cess to CFI, alleges Siddaramaiah

Pointing out that the cess collected was non-lapsable, which means it should be carried over to the next financial year, the former chief m...

GST compensation: Opposition states harden stance, threaten legal action

While Kerala has asked the centre to convene a meeting of the GST Council immediately, Chhatisgarh said it is open to taking a legal recour...

Opposition states insist Centre must borrow for GST compensation

About 10 states including Punjab, Kerala, Chhattisgarh, Jharkhand, Tamil Nadu, Maharashtra, Delhi and Puducherry have conveyed that the obl...

In a bid to bridge compensation cess shortfall, Centre will try and get states to borrow

The Centre has already raised its borrowing target for the fiscal year to ₹12 lakh crore from ₹7.8 lakh crore proposed in the budget. More ...

GST compensation fund, cess can stay beyond 5 years if steep fall in revenue continues: Attorney General

The country’s top law officer, however, said any decision to extend the cess beyond the five-year period would require endorsement by a thr...

View: There's a compelling case for Centre to borrow to meet states' GST shortfall

Markets would see immediately that the risk of default of state governments, with such a large rise in their liabilities, would be such tha...

GST compensation: States and Centre must not compete with each other, says Assam FM Sarma

When asked about which borrowing option Assam may adopt, Sarma said, “We are now deliberating...what we want is authorisation to take loan....

Centre writes to states seeking their choice for borrowings to meet GST compensation shortfall

In the second option, state borrowing will be for the full Rs 2.35 lakh crore – shortfall owing to GST implementation (Rs 97,000 crore) and...

Finance minister Nirmala Sitharaman's proposals on GST compensation unclear: States

While the legal opinion made it clear that the Centre did not have to bear the compensation burden, states pointed to the assurance given b...