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A total of 13 states have so far decided on their borrowing options to meet their <keyword id="9933255" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-shortfall">GST compensation shortfall</keyword> and almost all have decided to go for the first option proposed by the Centre, source said. Out of the 13, 12 states have opted for the first option, under which the Union government has offered states that they could borrow the shortfall arising out of GST implementation, estimated at Rs 97,000 crore approximately. The amount would be borrowed through issue of debt under a special window coordinated by the Finance Ministry. The first option is to ensure steady flow of resources similar to the flow under <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> on a bi-monthly basis. Under this option, the Centre will endeavour to keep the cost at or close to the G-secs yield, and in the event of the cost being higher, will bear the margin between G-secs and average of State Development Loan yields up to 0.5 per cent through a subsidy. The states which have preferred to opt for this option are Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Meghalaya, Sikkim, Tripura, Uttar Pradesh, Uttarakhand and Odisha. Only Manipur has so far opted for the second borrowing option under which states can borrow the entire compensation shortfall of Rs 2.35 lakh crore, including the Covid-impact portion, through issue of market debt. Six more states -- Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh -- will be giving their choice in a day or two, said people in the know. A few states have submitted their views to the Chairperson of the GST Council but are yet to decide on the options, according to sources. In the 41st GST Council meeting last month, the Centre had proposed both options, so that a mechanism could be put in place as an exception this year, as Covid-19 disruptions and lower revenue collections have made it difficult for the Centre to meet its obligation on Goods and Services Tax (GST) compensation to states. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-future-retail-ril-irctc-bhel-tata-motors-adani-green-vodafone-idea-godrej-properties-sunteck-realty-and-more/articleshow/78097615.cms">Top stocks to watch— Future Retail, RIL, IRCTC, BHEL, Tata Motors, Adani Green, Vodafone Idea, Godrej Properties, Sunteck Realty and more</a> <a href="https://www.businessinsider.in/india/news/delhi-police-arrests-umar-khalid-connection-with-northeast-delhi-riots/articleshow/78097740.cms">Delhi Police arrests Umar Khalid in connection with Northeast Delhi riots</a> <a href="https://www.businessinsider.in/tech/news/tiktok-owner-bytedance-rejected-microsofts-offer-for-the-apps-us-operations/articleshow/78097018.cms">TikTok owner ByteDance rejected Microsoft's bid for the app's US operations, Oracle reportedly chosen as US 'technology partner'</a>

13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

States which failed to submit their options before the <keyword id="3680839" type="PERSON" weightage="20" keywordseo="gst-council-meeting">GST Council meeting</keyword> in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday. The sources said that such states will have to wait till June 2022 to get compensation dues, subject to the condition that the GST Council extends the cess collection period beyond 2022. This is so because the Council is expected to adopt one of the two options given by the Centre to meet the <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> needs of the states this year. The states which decide against operationalisation of the new <keyword id="9971535" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-formula">GST compensation formula</keyword> will get their dues only to the extent of compensation cess collected in FY21 and distributed in proportion among all states and union territories. The balance shortfall will only be met from the collection of GST compensation cess beyond the five-year transition period that ends in June 2022. This will be subject to GST Council approval to the extension of compensation cess. The GST Council, in its 41st meeting on August 27, 2020, had decided to give its member-states two borrowing options to meet their compensation shortfall and a response time of 7 working days from the formal receipt of the detailed proposal on the options by email. Almost 15 states had submitted their options by September 15 and more have joined since. Option-1 on GST compensation brought before the Council last month allows states to borrow, under a special dispensation from the Reserve Bank of India, a sum of about Rs 97,000 crore shortfall calculated by the Centre that is directly on account of GST implementation. Option-2 allows states to borrow the entire projected GST compensation shortfall of Rs 2,35,000 crore (total shortfall of Rs 3 lakh crore minus Rs 65,000 crore collected as GST compensation cess) for FY21. So far, 21 states/UTs have expressed preference for Borrowing Option-1 proposed by the Centre. With GST Act requiring voting for any resolution regarding an option by at least 20 states, the move is expected to be adopted by the GST Council at its meeting next month. If this option is indeed adopted, all states would be able to move ahead and borrow under the scheme suggested by the Centre to meet their shortfall arising due to GST switchover. If states still opt out, they will have to wait to get full compensation. Among the 21 states/UTs which support the first option on GST compensation are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh. Manipur, the only state which had earlier opted for Option-2, later preferred to change it to Option-1. A few more states are, also, to give their borrowing option in a day or two. However, some of them like Jharkhand, Kerala, Maharashtra, NCT of Delhi, Punjab, Rajasthan, Tamil Nadu, Telangana, and West Bengal are yet to respond to the GST Council proposal to decide their options. Under the existing GST Act, compensation for shortfall in GST collections over an agreed formula is payable by the Centre for the first five years of the operation of the new tax system from July 2017 to June 2022. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

States not choosing GST compensation options by October will have wait another two years

(Eds: Adding details) New Delhi, Jul 1 () GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April. The goods and Services Tax (GST) mop up was 9 per cent lower on a year-on-year basis in June, while it was 62 per cent down in May and fell 28 per cent in April. GST collections for the first quarter (April-June) of this fiscal declined 59 per cent, when compared to the same quarter last year as lockdown imposed to contain spread of COVID-19 pandemic severely impacted economic activity. "The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues," the finance ministry said in a statement. States like Punjab, Chhattisgarh, Madhya Pradesh, Bihar, Assam, Andhra Pradesh, Telangana, Karnataka witnessed growth in collection in June over last year. North Eastern states like Sikkim, Manipur, Mizoram, Tripura, Nagaland, Arunachal Pradesh too witnessed Increase in revenue during the month. The gross GST revenue collected in the month of June, this year stood at Rs 90,917 crore of which Central GST is Rs 18,980 crore, State GST is Rs 23,970 crore, Integrated GST is Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) and Cess is Rs 7,665 crore, the statement said. "The government collected gross #GST revenue of Rs 90,917 crore in June 2020, which is 91 per cent of the collections in June 2019," Office of Finance Minister Nirmala Sitharaman said in a tweet. During the month, the revenues from import of goods were 71 per cent and the revenues from domestic transaction were 97 per cent of the collections from these sources during the same month last year. The government has settled Rs 13,325 crore to Central GST and Rs 11,117 crore to State GST from Integrated GST as regular settlement. The total revenue earned by central government and state governments after regular settlement in June, stood at Rs 32,305 crore for Central GST and Rs 35,087 crore for the State GST. The government had allowed a relaxed time schedule for filing of GST returns and returns for the month of April, March as well as February got filed during June 2020. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during first few days of July 2020, the Ministry added. EY Tax Partner Abhishek Jain said the GST collections while in the first quarter have obviously witnessed a substantial dip because of the current pandemic, however, the increasing trend in June inclines to a recovery being in line soon. "With this shortfall and related dip in revenue for states as well, the Centre's obligations to compensate States for any shortfall is an area of concern and this being further deepened with muted compensation cess collections," Jain added. Deloitte India Partner M S Manu said the June revenue numbers indicate that a revival is underway and collections will improve in the coming months. "In June some of larger producing states have shown an increase in collections or stable revenues compared to last year while some of the consuming states have shown a decline," Mani added. JD DRR DRR

GST collection in June at Rs 90,917 cr, Q1 mop up dips 59 pc due to COVID-19 lockdown

New Delhi, Dec 10 () Bihar deputy chief minister Sushil Modi will be the convener of a Group of Ministers on Integrated Goods and Services Tax (IGST) replacing Finance Minister Nirmala Sitharaman, GST Council sources said on Tuesday.
 Sitharaman was inadvertently mentioned as the convenor of the panel set up to discuss issues relating to IGST after she had a meeting with Punjab, Madhya Pradesh and Rajasthan finance ministers and deputy chief ministers of Delhi and Puducherry on December 4, they said.
 Since the Union Finance Minister is the chairperson of the GST Council, she could not have headed the panel, they said.
 The GoM will deliberate on IGST issues of the states and submit its recommendations to Sitharaman.
 A modification has been made late Tuesday evening to the constitution of GoM on IGST making Sushil Modi its convener, they said.
 Last week, finance ministers and representatives of opposition-ruled states met Sitharaman and expressed their concern over delay in release of GST compensation which has put them in an acute financial position.
 The finance ministers of Delhi, Punjab, Puducherry and Madhya Pradesh and representatives of Kerala, Rajasthan and Chhattisgarh attended the meeting over the delay in payment of compensation. DP SMN

Sushil Modi replaces Sitharaman as head of GoM on IGST settlement

New Delhi, Dec 12 () Finance Minister Nirmala Sitharaman on Thursday said her name was inadvertently mentioned as head of GoM set up to look into the issue of splitting of the Integrated Goods and Services Tax (IGST) between the Centre and states, and the confusion was cleared subsequently.
 Replying to the debate on supplementary demands for grants in the Rajya Sabha, the minister said it is not appropriate for her to head the Group of Ministers (GoM) while heading the GST Council, consisting of state finance ministers.
 She said that while she was meeting states regarding GST compensation issue, "there was a confusion", that Nirmala Sitharaman has withdrawn from a GoM.
 "Is there something wrong? Absolutely nothing wrong. Heading the GST Council as its chairman, I cannot say I am the head for this group of ministers," the minister said and added that whatever was "inadvertently" released by the ministry was withdrawn, and announced Bihar Finance Minister Sushil Modi would be heading it.
 So, "there is nothing suspicious about it", Sitharaman added.
 The minister also said the Sushil Modi-headed GoM is expected to give its report. The GST Council, the highest decision-making body of the indirect tax regime, will consider it no sooner the report of the group is presented, she added.
 Earlier on the issue of states not getting their due share from IGST, which is levied on the transfer of goods from one state to another, the minister said no state claimed IGST dues in 2017-18 but in the subsequent year, it has been paid.
 Claims were subsequently made and the GoM will look into divisibility of the IGST revenue for 2017-18. RSN NKD HRS

Sitharaman says her name was inadvertently mentioned as head of GoM on IGST

Bhubaneswar, Feb 28 () Immediate revision of coal royalty and a special economic package for speedy development of the region were among the major demands raised at the Eastern Zonal Council (EZC) meeting chaired by Union Home Minister Amit Shah here on Friday. The meeting, attended by Odisha Chief Minister Naveen Patnaik and his West Bengal and Bihar counterparts Mamata Banerjee and Nitish Kumar, respectively, was skipped by Jharkhand chief minister Hemant Soren. Soren, who was unable to attend the meeting, deputed state's Finance Minister Rameshwar Oraon to the meet. Though no reason for Soren's absence at the meeting was cited, it was perhaps because of the commencement of the month-long budget session of the Jharkhand Assembly, sources said. It is not known what Amit Shah said at the meeting, but chief ministers raised issues concerning their states as well as for the region during the meeting. Patnaik, who is the vice-chairman of the council and host, batted for the entire east zone and demanded a special economic package for the region, saying the states lag in many sectors despite being endowed with natural and mineral resources. Patnaik also urged that Odisha be declared a "Special Focus State" in view of frequent natural disasters faced by the state and its vulnerability to natural calamity. All the participant states demanded that coal royalty, which has not been revised since 2012, be hiked forthwith. All the four eastern states - Odisha, West Bengal, Bihar and Jharkhand are coal bearing areas. Lamenting delay in revision in coal royalty, Patnaik said there is an urgent need to revise royalty on coal and also to share proceeds of clean energy cess with the state government. He said the entire eastern region lags in teledensity, railway density and banking density and, therefore, needs to be given a special economic package for speeding up Infrastructural Development of the zone. Emphasising that this zone contributes maximum to the mineral wealth of the country and in turn manufacturing and energy security, he said the fruits of this wealth should boost economic growth of this region and its people. "Our Regions have some of the largest scheduled areas of the country. I reiterate my demand for inclusion of Ho, Bhumij and Mundari languages in the Eighth Schedule of Constitution, the Chief Minister said. He thanked the Union government for supporting the state during cyclone Fani last year. After the meeting, Mamata Banerjee told reporters that she highlighted West Bengal issues at the EZC meet where she expressed concern that her state did not get require assistance during natural calamities like cyclone Fani and Bulbul. She also said Bengal has been neglected in many matters and the state should get its due share in the central pool. "We have not got Rs 50,000 crore from the Centre," the chief minister said. Banerjee said she also raised other issues related to her state like delay in GST compensation payment, lowered share in the devolution and other issues hitting the states interest. Issues relating to development of the states in the region, the need for coal royalty revision, strengthening of infrastructure were also discussed at the EZC meeting, she said. Apart from the security scenario and vexed Left Wing Extremism (LWE) menace, the EZC meeting also discussed heinous crimes and rail link projects, official sources said. Addressing the meet, Bihar CM Nitish Kumar reiterated the demand for grant of special category status to the state. He asserted that despite achieving double digit growth rate in past few years, Bihar is lagging behind on major indices of development like poverty line, per capita income and industrial as well the social and physical infrastructure vis-a-vis the national average while pressing for the special category status demand to the Union Home minister. Kumar also urged West Bengal and Jharkhand, sharing border with Bihar, to initiate strong measures to stop smuggling of liquor in the state, where prohibition is in force since 2016. He also urged the Centre to share the expense in deployments of central security forces for dealing with the naxal problem with the state, which at present is solely bearing the cost. Kumar said curbing naxal menace was joint responsibility of the Centre as well the state while buttressing the demand. Issues such as inter-state water rows, power transmission lines, royalty and operationalization of coal mines, land &amp; forest clearance of rail projects, investigation of heinous offences and cattle smuggling across countrys borders figured during the ECZ meet, sources said. Lack of telecom &amp; banking infrastructure in remote areas, petroleum projects and sharing pattern on centrally collected revenues also came up for discussion. AAM SKN SNS MRMR

Coal royalty revision,special eco package figure at EZC meet

(Eds: Updates with Amit Shah comments) Bhubaneswar, Feb 28 () Immediate revision of coal royalty and a special economic package for speedy development of the region were among the major demands raised at the 24th Eastern Zonal Council meet with Union Home minister Amit Shah. Shah later stated that 40 issues were resolved with mutual coordination during deliberations on Friday. The meeting, Chaired by Shah and attended by Odisha Chief Minister Naveen Patnaik and his West Bengal and Bihar counterparts - Mamata Banerjee and Nitish Kumar -respectively, was skipped by Jharkhand chief minister Hemant Soren. Soren had deputed state's Finance minister Rameshwar Oraon for the meeting. Though no reason for Soren's absence was cited, it was perhaps because of the commencement of the month-long budget session of the Jharkhand Assembly, sources said. Shah said as per the vision of Prime Minister Narendra Modi, eastern region needs more focus to fast track its development and hoped this meeting would be decisive and fruitful in resolving the issues listed on the agenda. Shah said besides the issues listed on the agenda, he would also like to add and discuss issues relating to law and order and administrative reforms so that this Council meeting is helpful in giving further pace to development, an official release said. After the end of the meet, Shah, Banerjee and Kumar had a meal together at the lunch hosted by Patnaik at his residence. Union Petroleum Minister Dharmendra Pradhan joined them. While there was no official word on what was talked about during the meal, the picture of Shah and Mamata sharing a lunch led to talks in the political circles about a possible scale down in their attacks on each other. Expressing satisfaction at usefulness of Zonal Council mechanism, the Home minister said more than 70 per cent issues have been resolved based on the recent meetings of the Zonal Councils and remaining issues are also under resolution. "Out of the 48 items discussed today, 40 were resolved in the meeting with mutual coordination,' Shah said. However, it was not clear as to which eight issues remained unresolved. Among the issues discussed at the EZC meet were related to Phulbari Dam under the agreement of 1978 signed by the states of Bihar and West Bengal on Upper Mahananda Water Scheme, Extension of Nuapada-Gunupur-Therubali Rail Link Project in Odisha. Use of state government land by Coal companies of GOI, Pradhan Mantri Awas Yojana (PMAY)-land transfer by CPSU, Prevention of cattle smuggling/illegal transportation of cattle to Indo-Bangladesh Border, lack of telecom and bank connectivity in Odisha, revision of royalty on coal and inadequate funding and delayed land related issues of petroleum projects also figured at the meet. Patnaik, who is the vice-chairman of the council and host, batted for the entire east zone and demanded special economic package for the region, saying the states lag in many sectors despite being endowed with natural and mineral resources. He also urged Odisha be declared a "Special Focus State" in view of frequent natural disasters faced by the state and its vulnerability to natural calamity. All the participant states demanded that coal royalty, which has not been revised since 2012, be hiked forthwith. All the four eastern states - Odisha, West Bengal, Bihar and Jharkhand are coal bearing areas. Lamenting delay in revision in coal royalty, Patnaik said there is an urgent need to revise royalty on coal and also to share proceeds of clean energy cess with the state government. He said the entire eastern region lags in teledensity, railway density and banking density and, therefore, needs to be given a special economic package for speeding up Infrastructural Development of the zone. Emphasising that this zone contributes maximum to the mineral wealth of the country and in turn manufacturing and energy security, he said the fruits of this wealth should boost economic growth of this region and its people. "Our Regions have some of the largest scheduled areas of the country. I reiterate my demand for inclusion of Ho, Bhumij and Mundari languages in the Eighth Schedule of Constitution, the Chief Minister said. Mamata Banerjee told reporters she highlighted West Bengal issues at the EZC meet where she expressed concern that her state did not get required assistance during natural calamities like cyclone Fani and Bulbul. She also said Bengal has been neglected in many matter and the state should get its due share in the central pool. "We have not got Rs 50,000 crore from the Centre," she added. Banerjee said she also raised issues related to her state like delay in GST compensation payment, anf lower share in the devolution. Nitish Kumar reiterated the demand for grant of special category status to Bihar. Kumar also urged West Bengal and Jharkhand, sharing border with Bihar, to initiate strong measures to stop smuggling of liquor into the state, where prohibition is in force since 2016. During the meeting, Shah also exhorted various central government departments to expedite decisions that are pending with the Union ministries. He also laid stress on expanding banking services to ensure that the benefits are available even in the remotest areas, according to official sources. While concluding, he mentioned the long pending issues need to be resolved by regular discussions and not only during the Zonal Council meetings. He also requested the States to ensure sharing of data on regular basis. AAM SKN SNS MRMR

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13 states decide on GST compensation — only Manipur opts for borrowing entire shortfall in one go

IANS

States not choosing GST compensation options by October will have wait another two years

IANS

GST collection in June at Rs 90,917 cr, Q1 mop up dips 59 pc due to COVID-19 lockdown

PTI

Sushil Modi replaces Sitharaman as head of GoM on IGST settlement

PTI

Sitharaman says her name was inadvertently mentioned as head of GoM on IGST

PTI

Coal royalty revision,special eco package figure at EZC meet

PTI

EZC meet:Shah says 40 issues resolved with mutual coordination

PTI

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