Pre-Budget meeting | States demand extension of GST compensation for another 5 years
The Hindu
GST compensation to States for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax will end in June.
Many states have demanded that the GST compensation cess regime be extended for another five years and the share of the Union government in the centrally-sponsored schemes be raised as the COVID-19 pandemic has impacted their revenues.
The GST compensation to States for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax Goods and Services Tax (GST) will end in June next year.
“There has been a loss of revenue to the States due to the GST tax system, the Centre has not made arrangements to compensate the loss of revenue of about ₹5,000 crore to the State in the coming year, so the GST compensation grant should be continued for the next five years after June 2022,” Chhattisgarh Chief Minister Bhupesh Baghel said.
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