Finance Minister Nirmala Sitharaman will address the results of the 43rd GST Council meeting in a short time. | There is no consensus on the reduction in the GST of the states, the deficiency in compensation payments to them will be met from the market: Finance Minister Sitharaman » India News
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Finance Minister Nirmala Sitharaman will address the results of the 43rd GST Council meeting in a short time. | There is no consensus on the reduction in the GST of the states, the deficiency in compensation payments to them will be met from the market: Finance Minister Sitharaman

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Finance Minister Nirmala Sitharaman held the press conference after the GST Council meeting today. He said – there is no dispute on GST compensation, only difference of opinion.

Finance Minister Nirmala Sitharaman said on the results of the 43rd GST Council meeting today that there was no consensus to meet the GST deficit of the states. He said that 21 states of the country agree to Option-One, while the rest of the states do not agree with the proposal of the Center. It will be decided after discussion with other states. He said that all the states have appreciated the loan facility for 50 years.

The Finance Minister said that there is no dispute over GST compensation, only a difference of opinion. He said that the collection from cess is not enough to give compensation to the states. Its deficiency will be met by taking money from the market. Please tell that on Monday, the matter was discussed for the third time by the council headed by Nirmala Sitharaman and the state finance ministers.

Nirmala Sitharaman addressed the media after the GST Council meeting on Monday. He was also accompanied by Minister of State for Finance Anurag Thakur. Finance ministers of all the states and union territories were also present in this meeting. Along with this, all senior officials of the central and state governments were also in this meeting.

States demand from central government

Non-BJP ruled states of Delhi, Kerala, West Bengal, Telangana, Chhattisgarh, Tamil Nadu are continuously pressurizing the Central Government to pay GST compensation. These states say that according to the constitution amendment that brought the GST, the central government is obliged to give compensation to the states. The demand of these states is that a ministerial committee should be formed to form a consensus in this matter.

Center suggested two options

In August, the central government gave the states two options to deal with this crisis. The first option was to borrow 97,000 crore rupees from a particular window, which would be arranged by the Reserve Bank. Another option is to borrow the entire amount of Rs 2.35 lakh crore. Explain that the GST compensation of about 2.35 lakh crore rupees is owed to the states. The central government’s arithmetic that the loss of about Rs 97,000 crore is due to the implementation of GST. Also, the remaining revenue loss of about 1.38 lakh crores is due to corona and lockdown.

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