Tamil Nadu Finance Minister P. Thiaga Rajan’s speech at the 43rd meeting of the GST Council on May 28 could not have been music to Centre’s ears. Referring to delay in payment of GST compensation to states, unilateral decisions such as imposition of cesses (whose proceeds go to only the Centre) and the overall distrust between central and state governments, the former Wall Street veteran said “rancour in the relationship” has set in. Finance ministers of Kerala, Punjab and Maharashtra pitched in and questioned Centre’s plan to raise more debt in FY22 to compensate states for revenue loss due to GST implementation despite expectations of revenue buoyancy. The “rancour” even prevented an agreement on an issue as important as taxing Covid-19 vaccines. The matter had to be referred to a group of ministers (GoM).
Is the council, which has held 44 meetings since 2016 and has a record of ensuring that all its decisions except one have been unanimous, losing its federal character amid the financial stress being faced by both Centre and states due to the Covid-19 outbreak? The biggest source of discontentment among states, after all, has been pending compensation for FY21. The central government had promised to make good any loss suffered by states due to implementation of GST. Several states say they have been paid much less than what was their due.
Five years after giving up their freedom to tax goods and services in favour of the GST Council, states are coming around to a view that they have been short-changed and their voices muzzled. GST Council decisions require a three-fourth majority. Centre has a one-third vote and states the remaining two-third. The former also has a veto on decisions.
هذه القصة مأخوذة من طبعة July 11, 2021 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة July 11, 2021 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
