#gst shortfall

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GST revamp: Group of state finance ministers for steps to eliminate fake input tax credit claims

While misuse of the beneficial provision of ITC under GST regime was the most common mode of evasion under the GST law, the scale if this was worrisome, the government had stated earlier. A group of state finance ministers (GoM) on IT issues within the goods and service tax (GST) system will likely suggest a mechanism to weed out fake registrants and plug input tax credit (ITC) leakages. The GoM,…

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Finance minister writes to states explaining Rs 1.1 lakh crore borrowing window for meeting GST shortfall - Times of India

Finance minister writes to states explaining Rs 1.1 lakh crore borrowing window for meeting GST shortfall – Times of India

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NEW DELHI: A day after the Centre agreed to borrow Rs 1.10 lakh crore on behalf of states for meeting GST shortfall, finance minister Nirmala Sitharaman on Friday reached out to all states explaining the contours of the special window. The finance minister’s letter to states comes four days after the GST Council meeting failed to reach a consensus on the stalemate over the Centre’s…

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[newsheadlines2020]

Centre permits 20 states to raise Rs 68,825 crore via borrowing to meet GST shortfall

Centre permits 20 states to raise Rs 68,825 crore via borrowing to meet GST shortfall

Image Source : FILE Centre permits 20 states to raise Rs 68,825 crore via borrowing to meet GST shortfall

The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall. The decision came a day after the GST Council meeting failed to reach a consensus on the stalemate over the Centre’s proposal of states borrowing against…

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