Budget 2018-19

  About two thirds of states opt for RBI-window of Rs 1.10 trillion, rest still want the Centre to borrow instead The Goods and Services Tax (GST) Council meeting on compensation for the states remained inconclusive on Monday, with 20-21 states opting for the Reserve Bank of India (RBI) window of Rs 1.10 trillion (earlier it was Rs 97,000 crore) and around 10 states insisting the Centre borrow and disburse the money. The next meeting is now scheduled for October 12. “The question was 20-21 states deciding to opt for the first option (the RBI window) and others wanting the Centre to borrow. Lots of discussion happened on that … Bihar Deputy Chief Minister Sushil Modi suggested that 3-4-5 days be given to the states to discuss the issue. I gave eight days and the next meeting will happen on October 12,” Union Finance Minister Nirmala Sitharaman said after the meeting. She said no state, irrespective of its choice, would be denied compensation. In her answer to a question, she said sh...

  This would help the proposal get cleared in the GST Council in case of voting The Centre has received support from 21 states and Union Territories (UTs) for its offer of the Rs 97,000-crore Reserve Bank of India (RBI) window giving them compensation under the goods and services tax (GST) regime. This will help clear this proposal at the GST Council in case of vote. The 21 states and UTs are Andhra Pradesh,  Arunachal Pradesh , Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh (UP), said finance ministry sources. The sources acknowledge that the GST Council needs only 20 states to pass any resolution in case voting is required, according to the GST Act. This may leave those not opting for any of the two options offered by the Centre before the GST Council meet scheduled for October 5 in the lurch. Sources said it is cl...