Government Asks States To Borrow Rs 2.35 Lakh Crore To Meet Tax Shortfall

Finance Minister Nirmala Sitharaman said she had asked her counterparts at state level to borrow up to Rs 2.35 lakh crore from the market to help close the fiscal gap.

Congress leader P Chidambaram has taken a swipe at Finance Minister Nirmala Sitharaman over the "act of God" comment she made on Thursday while describing the coronavirus pandemic and its impact on GST collection

Congress leader Rahul Gandhi on Friday hit out at Finance Minister Nirmala Sitharaman's remarks that the economy has been hit by the COVID-19 pandemic which is an "Act of God", saying the Indian economy has been "destroyed" by three actions -- demonetisation, "flawed" GST and a "failed" lockdown.

Senior Congress leader P Chidambaram urged states to reject options given to them by the Centre over the GST compensation issue and demand money in one voice.

Haryana Deputy Chief Minister Dushyant Chautala has requested the centre to pay the state's goods and services (GST) compensation of Rs 5,840 crore at the earliest that has been pending for the last four months, according to a statement on Friday.

The CPI(M) on Friday hit out at the government over the shortfall in GST revenues and claimed it was "blaming the heavens" after its "cronyism, incompetence and callousness" destroyed the economy.

The Kerala government on Thursday termed as "unacceptable" the two options placed before the GST Council by the Centre for borrowing by states to meet the shortfall in tax revenues.

The Congress Thursday said it was "dissatisfied" with the outcome of the GST Council meeting and accused the Centre of adopting a majoritarian approach and thrusting "solutions" on states.

Centre asked the states to borrow money from the market in order to meet the Rs 2.35 lakh crore compensation shortfall

The coronavirus pandemic has hurt goods and services (GST) collection and the shortfall is Rs 2.35 lakh crore for fiscal 2021, the government said on Thursday. Finance Minister Nirmala Sitharaman, after a meeting of the decision-making body for fixing GST policies, said the coronavirus pandemic was "an act of God" and an unforeseen factor that affected GST collections...

The 41st GST or Goods and Services Tax Council meeting was held today, chaired by Finance Minister, Nirmala Sitharaman. There was no discussion on revising GST rates for two-wheelers and therefore, the current rate of 28 per cent is still applicable.

GST Council Meet: The meeting will discuss compensation to states and attempt to evolve a consensus on borrowing from the market to reimburse states for their revenue shortfall.

GST Council Meeting Updates: Compensation gap estimated at 2.35 lakh crorem says Revenue Secretary

GST Council Meeting Updates: The 41st meeting of the GST Council comes at a time when many states have complained of not receiving adequate funds as GST compensation.