Quick Summary
Union Finance Minister Nirmala Sitharaman on Thursday firmly ruled out any compensation to states for potential revenue losses from the latest round ofGST rate cuts, stressing that the impact will be shared equally between the Centre and states. Addressing a discussion on GST in Kolkata, Sitharaman
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FAQ :
No, Union Finance Minister Nirmala Sitharaman has firmly ruled out compensation to states for potential revenue losses from GST rate cuts.
The impact will be shared equally between the Centre and the states, as both are significantly affected by revenue shortfalls.
Finance Minister Nirmala Sitharaman clarified that there is 'no donor-donee relationship' within the GST Council, emphasising equality.
The GST 2.0 reforms are expected to inject Rs 2 lakh crore into the economy, boosting demand across sectors and benefiting the Indian population.
The new reforms are designed to plug loopholes and address issues like misclassification and misuse that have led to revenue leakage.
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