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Former West Bengal Finance Minister Amit Mitra has written a letter to Union Finance Minister Nirmala Sitharaman urging her to continue to provide GST compensation to the States for the next three to five years beyond June 2022. Dr. Mitra, who is now the Principal Chief Adviser to West Bengal Chi
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FAQ :
Former West Bengal Finance Minister Amit Mitra has requested an extension.
The request was made to Union Finance Minister Nirmala Sitharaman.
Amit Mitra is urging for an extension of GST compensation for three to five years beyond June 2022.
The reasons cited include the unforeseen impact of the pandemic, massive inflationary pressures, and the severe strain on state finances, which have prevented GDP from reaching pre-pandemic levels.
The original agreement was that the Centre would compensate states for revenue loss for five years, a condition agreed upon when GST was adopted in 2016.
He believes the complete and partial lockdowns over the past three years have severely undermined the basis of the original 2016 decision.
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