GST Compensation Subject: Economy Section: External Sector  Context: GST compensation dues to States for 2021-22 stood at ₹78,704 crore, due to inadequate balance in the Compensation Fund Details: The levy of the compensation cess, which was to cease on June 30 this year, has been extended till March 2025-26 with a view to […]

    GST Compensation Subject: Economy Section: Fiscal policy The introduction of the Goods & Services Tax (GST) required States and Union Territories (with Legislature) to subsume their sovereignty in a GST Council, raising the issue of loss on account of migration from Value Added Tax/Sales Tax to GST. The GST Compensation Act, 2017 guaranteed […]

    GST Compensation Subject – Economy Context – In meet with FM, states push for GST compensation extension by 5 years Concept – To know about GST compensation, please refer October 2021 DPN.

    GST COMPENSATION Subject : Governance Context : Opposition-ruled states discuss extension of compensation period ahead of GST Council meet on May 28. Concept : GST Compensation After the introduction of GST States have very limited taxation rights as most of the taxes, barring those on petroleum, alcohol, and stamp duty, were subsumed under […]

Subject: Economy Context: Opposition leader of Tamilnadu has written to Chief Minister urging him to hold the Centre accountable for the non-payment of GST compensation to the States. Concept: Three years after the introduction of India’s new indirect tax regime, GST, it has started to face an existential crisis. The gains of GST have started […]