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GST Collection Shortfall Stands at Rs 2.35 Lakh Crore
The Union Finance Secretary on Thursday said GST collection has been severely impacted this year, mainly on account of the coronavirus pandemic. As per GST Compensation Law, states need to be given compensation, he told the 41st meeting of the GST Council.
“The compensation gap which has arisen this year (expected to be Rs 2.35 lakh crore), is due to coronavirus as well. The shortfall in compensation due to the implementation of GST has been estimated to be Rs 97,000 crore,” added the officials.
GST
“The central government has released more than Rs 1.65 lakh crore as GST compensation to states for FY 2019-20, including Rs 13,806 crore for March. The total amount of compensation released for 2019-20 is Rs 1.65 lakh crore, whereas cess amount collected was Rs 95,444 crore,” he said.
“During April-July 2020, the total GST compensation to be paid to states is Rs 1.5 lakh crore, this is so because there was hardly any GST Collection in April and May,” said the secretary.
The 41st meeting of the Goods and Services Tax (GST) Council headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states, held deliberations via video conferencing on ways to make up for the shortfall in states’ revenues, sources said.
While Congress and the states ruled by non-NDA parties pushed for the Centre meet its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections.
The Centre as well as BJP-JD(U)-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have been compounded by the COVID-19 crisis, sources said.
The options being deliberated at the GST Council meeting include market borrowing, raising cess rate, or increasing the number of items for levy of compensation cess.
An earthquake of Magnitude 4.9 hit Nepal, India, and China at around 03.00 pm IST. Tremors were felt in Nepal with light tremors in some cities like Muzaffarpur, Hajipur, and Patna in the Indian state of Bihar.
The epicenter is said to be 10 km from Phulpingkatti in Nepal. More updates are awaited.
LONDON: Queen Elizabeth II has died in Scotland aged 96 after battling health problems since last October, the Royal Family announced Thursday. Doctors had placed the queen under medical supervision at Balmoral Castle, her estate in the Scottish Highlands.
Buckingham Palace has just released the following statement: “The Queen died peacefully at Balmoral this afternoon. The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow.”
Her close family rushed to her bedside as doctors grew “concerned” about her health on Thursday, Buckingham Palace said. Her grandson and his wife, Harry and Meghan Markle – who had a public showdown with the Palace, flew in from Canada.
According to news agency AFP, the Queen pulled out of a planned meeting with her senior political advisors on Wednesday, after being told to rest. The previous day she had audiences at Balmoral – her Scottish Highlands retreat, with outgoing Prime Minister Boris Johnson and appointed his successor, Liz Truss.
In recent months, the Queen appeared visibly frail and had a series of withdrawals from public engagements. She had taken to walking with a stick and was also seen touring the Chelsea Flower Show in a motorized buggy.
In June, the UK came together for the Platinum Jubilee celebrations to mark the 70th anniversary of the Queen’s accession to the British throne. Her husband, Prince Phillip, died last year at the age of 99, two months before his 100th birthday.
Queen Elizabeth II’s tenure as head of state spanned post-war austerity, the transition from empire to Commonwealth, the end of the Cold War and the UK’s entry into – and withdrawal from – the European Union.
Her reign spanned 15 prime ministers starting with Winston Churchill, born in 1874, and including Liz Truss, born 101 years later in 1975, and appointed by the Queen earlier this week. She held weekly audiences with her prime minister throughout her reign.
The nightingale of the music industry, Lata Mangeshkar Ji passed away on February 6 at the age of 92 in the Breach Candy Hospital in Mumbai. She was born on September 29, 1929. Very few singers have achieved the admiration that she did in her life.
She sang thousands of songs in more than 20 different languages. Not only in India, Bangladesh, Nepal, and Pakistan, she was also admired and praised in western countries.
PM Modi was among the first ones to share the sad news. “The kind and caring Lata Didi has left us. She leaves a void in our nation that cannot be filled. The coming generations will remember her as a stalwart of Indian culture, whose melodious voice had an unparalleled ability to mesmerise people,” he tweeted.
Apart from Bharat Ratna, she received numerous honors like the Daughter of the Nation award, the Legion of Honour award from the French government, and many more. Lata Mangeshkar truly was a gift that India will never cease cherishing.
We at Giveupnot pay our heartly tributes to her and wish that “unki aatma ko sadgati prapt ho”, OM SHANTI.
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