Connect with us

Business

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

Published

4 years ago

on

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.

Advertisement

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

Advertisement

Also Read: Anantnag Became Witness To Historical Moments, Great Enthusiasm In Jammu And Kashmir For Ram Temple

Related Topics:
Continue Reading

Business

Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Published

3 weeks ago

on

October 10, 2024

By

Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

Advertisement

The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

Advertisement

His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

Group Media Publications
Entertainment News Platforms – anyflix.in      
Construction Infrastructure and Mining News Platform – https://cimreviews.com/
General News Platform – https://ihtlive.com/
Podcast Platforms – https://anyfm.in

Advertisement
Continue Reading
Anyskill-ads

Facebook

Trending