Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
Budget & You Live : Real-Time Analysis Of All The FM’s Big Announcements
Budget 2023
Budget 2023
you are here: HomeNewsIndia

GST Council Meet | Centre's move to permit 21 states to borrow Rs 97,000 crore is illegal: Kerala FM Thomas Isaac

Option one, which allows states to borrow Rs 97,000 crore through a special window facilitated by the RBI involves deferment of compensation payment beyond 5 years for which a GST Council decision is necessary as per AG’s opinion, and no such decision has been made in the Council, Thomas Isaac tweeted

October 13, 2020 / 10:36 AM IST

Kerala Finance Minister Thomas Isaac on October 12 said Finance Minister Nirmala Sitharaman's  announcement that she is going to permit 21 states to borrow Rs 97,000 crore to meet the GST revenue shortfall is illegal.

His comments came after the Goods and Services Tax (GST) Council meeting held on October 12 also ended in an impasse over the issue of borrowing to meet the GST compensation shortfall.

He also said: "Option one involves deferment of compensation payment beyond 5 years for which a Council decision is necessary as per AG’s opinion. No such decision has been made in the Council."


The Kerala FM then tweeted: