Nirmala Sitharaman said that proceeds from cess collected beyond the agreed, five-year period will be used to pay back the interest and principal on the Centre's loans...
The council is widely expected to take up the extension of compensation cess for states beyond 2022 with most states likely to pitch for a five-year extension...
The Rs 2.59-lakh-crore corpus will comprise borrowing by the Centre of Rs 1.59 lakh crore with another Rs 1 lakh crore expected to come from GST compensation cess...
In a letter to Nirmala Sitharaman, he noted how the GST regime is going through a ‘dangerous time’ with shortfall in tax collection and fraudulent transactions...
The Council is expected to meet early next month to discuss the compensation issue and the borrowing plan for the current fiscal to meet the shortfall in the cess amount ...
The minister who alleged that his voice was muzzled on Saturday, said the Council was being taken for granted when it comes to decisions on procedures or rates...