KINS Desk
Srinagar, Aug 27 (KINS): Finance minister Sitharaman chaired the GST Council meeting and discussed compensation for loss of revenue to the states, arising from the implementation of GST.
Official sources told news agency Kashmir Indepth News Service (KINS) that the41st meeting of the GST Council was held via video conferencing. Attorney General K K Venugopal had earlier opined that the Centre is not legally bound to make up from its coffers any shortfall in GST revenues of states.
The Centre had in March sought views from the Attorney General on the legality of market borrowing to make good the shortfall in the compensation fund.
Under the GST law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from 1st July, 2017.(KINS)
