• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Centre places before States 2 options for borrowing to meet GST revenue shortfall

Juliet Woodard by Juliet Woodard
August 27, 2020
Home Business
Share on FacebookShare on Twitter

Nirmala Sitharaman said the economy is facing an extraordinary ‘Act of God’ situation, which may result in economic contraction.

The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at ₹2.35 lakh crore in the current fiscal. Briefing reporters after the 41st meeting of the GST Council, Finance Minister Nirmala Sitharaman said the economy is facing an extraordinary ‘Act of God’ situation, which may result in economic contraction. As per the Centre’s calculation, the compensation requirement by the states in the current fiscal would be ₹3 lakh crore, of which ₹65,000 crore is expected to be met from the cess levied in the GST regime. Hence, the total shortfall is estimated at ₹2.35 lakh crore. Revenue Secretary Ajay Bhushan Pandey said of this, ₹97,000 crore is on account of GST shortfall, while the rest is due to the impact of COVID-19 on the economy.Mr. Pandey said a special window can be provided to the States, in consultation with the RBI, at a reasonable interest rate for borrowing of ₹97,000 crore. The amount can be repaid after five years (of GST implementation) ending 2022 from cess collection. The second option before the States is to borrow the entire ₹2.35 lakh crore shortfall under the special window. “States have been given seven days’ time to think over the proposal,” Mr. Pandey said.

You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in

Show Less Plan

Subscription Benefits Include

Today’s Paper
Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Faster pages
Move smoothly between articles as our pages load instantly.

Unlimited Access
Enjoy reading as many articles as you wish without any limitations.

Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.

Personalised recommendations
A select list of articles that match your interests and tastes.

Briefing
We brief you on the latest and most important developments, three times a day.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

A letter from the Editor
Dear subscriber,Thank you!Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.Suresh Nambath

Tags: 41st GST Council meetingGST Council meetingGST revenue shortfallNirmala Sitharamantwo options for borrowing
Juliet Woodard

Juliet Woodard

Next Post
Sony PlayStation 5 Pre-Orders Begin via Invite in the US, Wi-Fi 6 and Bluetooth 5.1 Connectivity Details Leaked

Sony PlayStation 5 Pre-Orders Begin via Invite in the US, Wi-Fi 6 and Bluetooth 5.1 Connectivity Details Leaked

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Billionaire Robert E. Smith Lists In Malibu’s Coveted Carbon Beach

Billionaire Robert E. Smith Lists In Malibu’s Coveted Carbon Beach

January 19, 2021
Gold plunges ₹ 1,492, silver tanks ₹ 1,476

E-com sales to reach $38 billion: Redseer

September 21, 2020

Trending.

Understanding Emergency Rental Assistance For Landlords And Tenants

Understanding Emergency Rental Assistance For Landlords And Tenants

January 27, 2021
Call of the mall – The Hindu

Call of the mall – The Hindu

October 16, 2020
Facebook Bars Deceptive Campaign From Pro-Trump Group

Facebook Bars Deceptive Campaign From Pro-Trump Group

October 10, 2020
Redmi 9, Oppo A53 2020, More Phones Launching in India Next Week

Redmi 9, Oppo A53 2020, More Phones Launching in India Next Week

August 21, 2020
Resident Evil Reboot Set for 2021, Casts Marvel, Umbrella Academy, Maze Runner Stars for Origin Story

Resident Evil Reboot Set for 2021, Casts Marvel, Umbrella Academy, Maze Runner Stars for Origin Story

October 11, 2020

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus Covid COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Contemporary Lakefront Estate In Austin, Texas Sells For A Record Price Tag

Contemporary Lakefront Estate In Austin, Texas Sells For A Record Price Tag

March 4, 2021
Rhode Island Company Turns Shipping Containers Into Accessory Dwelling Units

Rhode Island Company Turns Shipping Containers Into Accessory Dwelling Units

March 4, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.