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West Bengal May need to await GST Compensation

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West Bengal May need to await GST Compensation

West Bengal GST Compensation

West Bengal May need to await GST Compensation

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GST Council features a meeting on 5 October. Within the midst of the Corona crisis, states that haven’t opted for the central government debt scheme on the difficulty of GST compensation may need to wait longer for compensation payments. Delhi, Jharkhand, Kerala, Maharashtra, Punjab, Rajasthan, Tamil Nadu, and Telangana, including West Bengal, have turned down the proposal of the central government’s loan scheme option. These 10 states may face an enormous depression thanks to not choosing the loan scheme. Now it’s to be seen that what’s the trend of those 10 states within the GST Council meeting to be persisted October 5.

21 states opted for the loan scheme
21 states have opted for the central government loan scheme, during which one state is that the Congress government in Puducherry. Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh regarding GST compensation to satisfy the shortage of GST compensation to be provided by the middle, 21 states have opted for the ‘borrow’ option proposed by the GST Council. Manipur agreed to the proposal after not doing it first, Manipur first opted for Option-2, but later converted to Option-1 and agreed to the proposal of the Central Government.

Will need to wait till June 2022
According to sources, it’s been speculated that during a day or two, other states also will comply with give their ‘borrowing’ option. Sources within the Finance Ministry said that each one states and union territories have a presence within the GST Council. Consistent with the GST Act, only 20 states need to pass a resolution to vote on any issue. If other states don’t state their options before the GST Council meeting on 5 October 2020, they’re going to need to wait till June 2022.

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Anurag Srivastva
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