The GST indemnity riddle
Click here to read full article from source
India, July 1 -- The dwindling tax revenue of both the Centre and States since the financial year (FY) 2019-20 has led to a piquant situation. Even as States expect "full" and "timely" compensation for the shortfall in their tax revenue (their own collection plus the amount received as their share in indirect tax collected by the Centre as per the Finance Commission's devolution formula) vis-a-vis a given benchmark, the Union Government has been making short payments and that too, after a time lag. The compensation to States is intertwined with the Goods and Services Tax (GST) in vogue since July 1, 2017. In fact, the passage of the Constitutional Amendment Bill (August, 2016) leading to the launch of GST was predicated on the Centre givi...
To read the full article or to get the complete feed from this publication, please Contact Us