GST Council fails to reach consensus on compensation to states; next meeting on 12 October
Finance minister Nirmala Sitharaman said the panel decided to extend the use of GST cess collections for compensating states beyond the previously agreed June 2022 timeframe
New Delhi: A crucial meeting of the GST Council on Monday failed to reach a consensus on ways to compensate states as the panel was split on political lines over using borrowing as a tool.
Briefing reporters after a marathon meeting of the panel, Finance Minister Nirmala Sitharaman said 21 states had opted for one of the two options the Centre had previously suggested for borrowing to meet the shortfall in GST collections.
But some states did not opt for either of the two options, and the Council decided to go for more deliberations, she said, adding the panel will meet again on 12 October.
She said the panel decided to extend using GST cess collections to compensate states beyond the previously agreed June 2022 timeframe.
The panel, besides easing the compliance burden of small taxpayers, also exempted satellite launch services by ISRO and Antrix, Finance Secretary Ajay Bhushan Pandey said.
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Finance Minister Nirmala Sitharaman, who heads the Council, said the Centre can't borrow and pay states for the shortfall as it will lead to rise in bond yields