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GST Council seeks suggestions to 'augment revenue', to deliberate revenue position

Date: 04-12-2019
Subject: GST Council seeks suggestions to 'augment revenue', to deliberate revenue position
The GST Council, headed by Finance Minister Nirmala Sitharaman, is expected to meet later in December to discuss a number of issues. According to sources, one of the key issues will be the revenue position as states demand the release of pending compensations. Other issues to be discussed include cess on some additional products, sources say.

Meanwhile, the council has sought proposals, suggestions or inputs on rates and compliance to help increase revenue. It is looking for suggestions on the review on products that are presently exempted from taxation.

The council has said that it seeks any proposal that is not presently under implementation that may help it "augment revenue".

The suggestions made will be placed before the committee for urgent examination, it said.

including raising cess on some more products to meet the growing need of compensation cess, sources said.

This discussion is quite critical as lower GST and compensation cess collections have been a matter of concern in the last few months, sources said quoting a letter written by the GST Council to Commissioner, SGST of all states.

The compensation requirements have increased significantly and are unlikely to be met from the compensation cess being collected, it said.

In November, opposition-ruled states expressed concern over delay in release of GST compensation which has put them in an acute financial position.

In a joint statement here, the finance ministers of Delhi, West Bengal, Punjab, Rajasthan and Kerala said they are facing two months' delay in payment of GST compensation by the Centre. States have not received GST compensation since August.

(With PTI inputs)

Source: moneycontrol.com

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