Union Finance Minister Nirmala Sitharaman said the panel will meet again on October 12.
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, Union 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 any of the two options, and the Council decided for more deliberations, she said, adding the panel will meet again on October 12. She said the panel decided to extend using GST cess collections to compensate states beyond previously agreed June 2022 time frame. The panel besides easing compliance burden of small taxpayers also exempted satellite launch services by ISRO and Antrix, Finance Secretary Ajay Bhushan Pandey said.
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