Subject: Economy Context: States have raised concerns about the delayed compensation payments under the Goods and Services Tax (GST) regime by the Centre for this fiscal, citing the need for expenditure in their respective states. Concept: Compensation cess was introduced as relief for States for the loss of revenues arising from the implementation of GST. […]

Subject: Economy Context: Reduced GST revenues due to pandemic  has translated into delayed and pending compensation payments to states by the centre. Concept: Compensation cess was introduced as relief for States for the loss of revenues arising from the implementation of GST. States, in lieu of giving up their powers to collect taxes on goods […]