28th January 2023

Confidant Classes

Competitors' very first choice

Home | Edu NEWS | GST Compensation conflict

GST Compensation conflict

  • On Tuesday, the Center allowed 20 states to raise ₹ 68,825 crore through open market loans to fill the GST income gap.
  • The decision was made a day after the GST Council meeting failed to reach consensus on the deadlock in the Center’s proposal that states borrow against future GST collections to fill the gap.
  • The projected total compensation deficit in the current tax is Rs. Rs 2.35 million lakh.
  • In August, the Center gave states two options: to borrow Rs. 97,000 crore from a special window provided by RBI or Rs 2.35 crore lakh from the market.
  • They had also proposed extending the compensation rate imposed on luxury, disability and sin products beyond 2022 to repay the loan.
  • The Expenditure Department of the Ministry of Finance has authorized 20 states to collect Rs. An additional 68,825 crore through open market loans, an official statement said Tuesday.
  • “An additional debt permit at a rate of 0.50% of the state’s gross domestic product (PIBD) has been granted to states that have opted for option 1 of the two options suggested by the Ministry of Finance to cover the deficit derived from the implementation of the GST ”, they said.
  • At the GST Council meeting on August 27, he said, these two options were raised and subsequently communicated to states on August 29.
  • Twenty states gave their preferences for option 1. These states are: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand. Eight states have not yet exercised an option, ” they said.
List of State Governments that Grant Educational Loans for Study Abroad

List of State Governments that Grant Educational Loans for Study Abroad

Study-Abroad Whether it is in Canada, the US, Australia or even the Ukraine, studying abroad is a difficult task to…
Read More
UGC NET December 2022: NTA sets upper age limit for JRF

UGC NET December 2022: NTA sets upper age limit for JRF

UGC NET December 2022 The NTA has decided that the deadline for determining the upper age limit for applying for…
Read More
Foreign Universities Indian Campuses

Foreign Universities Indian Campuses

Foreign-Universities-Indian-Campuses All foreign universities opening their branches in India will be able to conduct courses offline only. UGC Chairman, Mr….
Read More
GUJCET 2023

GUJCET 2023

-2023 Gujrat Common Entrance Test (GUJCET) 2023, Registration starts on 6th January 2023. Interested candidates can check the eligibility criteria…
Read More
LSAT-India January 2023

LSAT-India January 2023

LSAT-India January 2023: The deadline to register for LSAT-India is 11 January 2023. Candidates can register at pearsonvueindia.com LSAT-India January…
Read More
Make CUET-PG mandatory for admissions for the next academic session- M Jagadesh Kumar

Make CUET-PG mandatory for admissions for the next academic session- M Jagadesh Kumar

Delhi University has already announced that it will adopt CUET UG and PG for admission to all courses, in all…
Read More
All  DU admissions  will be based on the CUET UG, PG score of the next academic year

All  DU admissions  will be based on the CUET UG, PG score of the next academic year

DU Admissions: Previously, the university conducted its own entrance exam (DUET) for admission to graduate courses. Prepare-for-CLAT-AILET-DULLB DU Admissions: The…
Read More
List of Scholarships Provided by Government of India for Study Abroad

List of Scholarships Provided by Government of India for Study Abroad

Study-Abroad-Scolarships Ministry of Education provides financial assistance to Indian students for higher education abroad. Interested applicants can check the official…
Read More
CLAT 2023 Exam Analysis

CLAT 2023 Exam Analysis

CLAT 2023 Exam Analysis: The Consortium of National Law Universities (NLU) held the Common Law Admissions Test on 18th December…
Read More
CBSE Board Exams Class 10, 12 from February 15

CBSE Board Exams Class 10, 12 from February 15

The data sheet was prepared by avoiding nearly 40,000 subject combinations to ensure that no two-subject combinations fall on the…
Read More

About Post Author

error

Enjoy this? Please spread the word :)