27th September 2022

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.
AILET 2023 Application Process Begins

AILET 2023 Application Process Begins

National Law University-Delhi NLU-Delhi will hold the AILET 2023 exam on December 11, 11:00 a.m. to 5:00 p.m. m. to…
Read More
All India Bar Examination 17 Syllabus and other details

All India Bar Examination 17 Syllabus and other details

AIBE 17 exam: Nearly one lakh candidates will take the AIBE exam this year, which will be held at 150…
Read More
AIBE 17 will take place in 3 months: BCI informs the Supreme Court

AIBE 17 will take place in 3 months: BCI informs the Supreme Court

Bar Council of India informed the Supreme Court that the syllabus for the upcoming All India Bar Examination 17 (AIBE17)…
Read More
Registration for CLAT 2023 will begin on August 8

Registration for CLAT 2023 will begin on August 8

CLAT 2023 will be held offline on December 18. Applicants can complete the online application form at consortiumofnlus.ac.in. CLAT 2023:…
Read More
AP LAWCET 2022 Results Declared

AP LAWCET 2022 Results Declared

Confidant-Classes-Judiciary AP LAWCET 2022 Results: Candidates who sat for the AP Common Entrance Test (AP LAWCET 2022) will now be…
Read More
Law graduates not practising since more than 5 years, must retake AIBE: BCI tells the Supreme Court

Law graduates not practising since more than 5 years, must retake AIBE: BCI tells the Supreme Court

The BCI has ruled that if a lawyer accepts a job not related to legal or judicial matters, then that…
Read More
Careers after Law

Careers after Law

Law has become the most common option in India at the moment. It has evolved and grown tremendously over time….
Read More
DU LLB Entrance Exam 2022 decoded

DU LLB Entrance Exam 2022 decoded

The University of Delhi will conduct the entrance exam of DU LLB 2O22 tentatively in next month. The university had…
Read More
UG-CLAT 2023 Exam Pattern

UG-CLAT 2023 Exam Pattern

The UG-CLAT 2023 would focus on the assessment of the candidates’ comprehension and reasoning abilities and skills. In general, it…
Read More
70-Year-Old Fortunate to Complete LLM | University of Delhi Centenary Chance Initiative

70-Year-Old Fortunate to Complete LLM | University of Delhi Centenary Chance Initiative

Under the University of Delhi’s Centenary Chance initiative, a 70-year-old man is given the chance to complete his LLM after…
Read More

About Post Author

error

Enjoy this? Please spread the word :)