INDIA
Bhupesh Baghel has written a letter to the CM of 17 states to come together to urge the centre to continue with the compensation for ten years.
Chhattisgarh Chief Minister Bhupesh Baghel has written a letter to the Chief Ministers of 17 states, requesting that a joint request should be made to the Central Government to continue with the compensation for ten years. The Central Government has decided that the compensation of GST given to the states will be stopped after June 2022.
“For manufacturing states like Chhattisgarh and Andhra Pradesh, not receiving GST compensation would be a big financial loss. Being manufacturing states, our contribution to the growth of the economy of the country is much higher than those states which have benefitted from GST regime due to higher consumption of goods and services. If GST compensation is not continued beyond June 2022, then Chhattisgarh is expected to face revenue loss of Rs 5,000 crores approximately in upcoming financial year,” the chief minister stated in the letter.
CM Bhupesh Baghel says that due to this decision of the central government, there will be a huge loss of revenue to the producing states. In such a situation, he urged the Center to continue with the GST compensation or make an alternative system.
During the budget session of Parliament, Finance Minister Nirmala Sitharaman said that Goods and Services Tax (GST) Council works according to a predetermined formula without any discrimination.
The Minister also added that under Section 8 of the GST (Compensation to States) Act, 2017 for the purpose of payment of compensation for 5 years to the States for any loss of revenue due to the implementation of GST. GST Compensation Cess is levied on select goods. She said that the Center has also been issuing regular GST compensation to the states on the basis of the amount available in the Compensation Fund so that the shortfall of GST revenue can be compensated. At the same time, Minister of State for Finance Pankaj Chaudhary had said that the period of compensation to the states is 5 years and the central government is committed to give compensation to the states by 2022.
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