New Delhi: The opposition's claim of solidarity with the goods and services tax (GST) compensation is seen to be hollow. 21 states have approved the centre's first option given by the Modi government, a loan of Rs 97,000 crore. The territories ruled by opposition parties have not yet accepted any proposal from the Centre. It may be noted that in the 41st meeting of the GST Council held this month, the Centre had placed two options before the states on compensation. The states were asked to give their opinion within a week, but not all the states have given their consent so far.
First option:-
As per the first option, states were told that they were losing nearly Rs 97,000 crore so far due to GST only. So, they should borrow this amount under a special facility in the Ministry of Finance. Under this, they will get the amount every two months as compensation.
Second option:-
The second option is that the states borrow the entire GST revenue loss (including the economic losses caused by the corona), which is about Rs 2.35 lakh crore. For this, a special window facility will be provided with the help of the Reserve Bank.
Jharkhand, Kerala, Maharashtra, Delhi, Punjab, Rajasthan, Tamil Nadu, Telangana and West Bengal have not yet responded to the GST Council's proposals. While almost all the states have elected the first option given by the central government.
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