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Big Decision Of GST Council, Even After 2022, Compensation Cess Will Be Taken!

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Big Decision Of GST Council, Even After 2022, Compensation Cess Will Be Taken!

An important decision has been taken in the meeting of the Goods and Services Tax (GST) Council today i.e. on Monday. According to sources, it has been decided that the Compensation Cess on luxury and many other items will be extended from June 2022. This decision has been taken to protect the states from harm.

Significantly, only 20 states and one union territory have accepted the option of the central government for compensation. Most states ruled by the Congress and other opposition parties have turned down the Center’s offer. The Center had assured that the compensation cess on luxury and many other items would be extended beyond 2022 to repay this borrowing. According to the rule, this was to take only five years after the GST came into force.

States are demanding from the Central Government to give the outstanding compensation of GST of about Rs 2.35 lakh crore. In return, the Center has given them two options to borrow. But the states are divided about this offer of the Center.

States owe GST compensation of about Rs 2.35 lakh crore, but the math of the central government is that out of this, the loss of about Rs 97,000 crore is due to the implementation of GST, the remaining revenue loss of about 1.38 lakh crore corona epidemic. And is due to lockdown.

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In August, the central government gave the states two options to deal with this crisis. The first option was that they borrow 97,000 crore rupees from a special window, which will be arranged by the Reserve Bank. Another option is to borrow the entire amount of Rs 2.35 lakh crore.

States opposing the proposal of the Center include Delhi, Kerala, West Bengal, Telangana, Chhattisgarh, Tamil Nadu. He has written a letter to the central government against this. He says that according to the constitution amendment that brought GST, the central government is obliged to give compensation to the states.

If voting is done on this issue, then a lot will depend on what attitude the non-BJP ruled states like Odisha and Andhra Pradesh take. According to the rule, the consent of at least 20 states is necessary to pass any kind of proposal.

News Source: Livemint

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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1 day ago

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November 21, 2024

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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