The two borrowing options have been given to States in 41st GST Council Meeting held on 27 August, 2020 in order to meet the GST Compensation shortfall for financial year 2020-21. The document annexed with this press note discusses in detail these two options. The States are required to inform about the option they choose within 7 working days.
Source: taxmann.com
Latest Posts in "India"
- GST Cut on Insurance May Not Lower Premiums; Potential 12-18% Increase Expected
- India’s GST Council Endorses Two-Tier Tax Structure for 2025
- GST Reduction on Fruit Drinks Excludes Colas; Prices Remain Unchanged for Carbonated Beverages
- Supreme Court Stays Retrospective GST Penalty, Examines Applicability to Non-Taxable Persons
- India Unveils Simplified GST Rate Structure
