The Fiscal Responsibility and Budget Management committee had suggested bringing down the general government debt-to-GDP ratio to 60 percent by 2023. The calculation included 40 percent for the central debt and 20 percent for states' debt.
The options before the GST Council to meet shortfall in compensation to states could be rationalise GST rates, cover more items under the compensation cess, increase the compensation cess, or recommend higher borrowing by states
Finance Secretary Ajay Bhushan Pandey earlier this week informed the Parliamentary Standing Committee on Finance that the government is in no position to pay the GST share of states in keeping with the current revenue sharing formula
Under GST law, states are guaranteed to be paid for any loss of revenue in the first five years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 percent annual growth in GST collections by states over the base year of 2015-16.
Under GST law, states were guaranteed payment for any loss of revenue in the first five years of the GST implementation starting July 1, 2017. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16. States are promised compensation for any revenue shortfall till 2022, in case they go below the 14 per cent annual growth since the GST rollout in 2017
The provisional data released by the government shows that the centre's gross tax revenues contracted by 3.4 percent to Rs 20.1 lakh crore in FY 2020, from Rs 20.8 lakh crore in FY 2019
In a letter to all state governments and union territory administrations, Union Home Secretary Ajay Bhalla said the fresh guidelines issued by the Ministry of Health and Family Welfare have revised the quarantine arrangements for those Indians who have returned from abroad under the Vande Bharat Mission.
In April, in a bid to provide relief to states amid the coronavirus outbreak, the finance ministry has released about Rs 34,000 crore in two phases to states as compensation for their revenue loss in the GST regime
A banking Trojan known as Cerberus is used by cybercriminals internationally and it is taking advantage of the novel coronavirus pandemic to impersonate and send SMSes under the cover of COVID-19-related content, asking innocuous users to download an embedded malicious link, they said.
Some amount of revenue did accrue to the state government under the head of SGST (40 percent), state VAT (30 percent), tax and duty on electricity (10 percent) and own non-tax revenue (10 percent), according to the report
The video conference comes amidst indications that the central government may extend the lockdown across the country beyond April 14 after several states have favoured the extension to contain the fast-spreading virus.
The RBI said this will “provide greater flexibility to the state governments to tide over their cashflow mismatches”
As many as 19 states had lined up to borrow up to Rs 37,500 crore, but managed to raise only Rs 32,560 crore.
As the nation fights the pandemic, the uneven distribution of doctors remains a cause for concern in many States.
Transportation disruption, especially inter-state, has further exacerbated the issue
Madhya Pradesh got 74.9 points, followed by Odisha (67.5 points), Maharashtra (65.3 points), Chhattisgarh (64.1 points) and Tamil Nadu (63 points).
"This is positive politics. All the states and the Centre should run together a time-bound campaign on facilities and quality of learning in government schools. Only then India will become a developed nation. Governments closing down government schools are obstacles in the path of making the country developed," Sisodia said in a tweet in Hindi.
Union Minister for Panchayati Raj Narendra Singh Tomar said under the Centrally Sponsored Scheme (CSS) of RGSA, funds released to states and Union Territories are utilised by them for undertaking activities sanctioned or permitted under their annual plans as recommended by Central Empowered Committee (CEC) and finally approved by the competent authority.
The FinMin however, did not reply to questions on by when the Centre clear the dues of states.
Overall GST collection for the period rose 9 per cent to Rs 3.56 lakh crore
All states, including West Bengal, have already given their commitment by signing an MoU from PMAY-U under which in the event the Centre comes up with the Model Tenancy Act, the states would either have to enact the same Act or align it with their existing rental laws
A balance between efficiency, productivity and equity will be critical for sustaining economic growth.
"The work is completed for the ranking and we will release it on December 20," the official added.
The block would be auctioned for a period of 10 years.
"The aggregate fiscal deficit of Indian states is expected to increase marginally to 3.3 percent of gross domestic product (GDP) in FY18 from the forecast of 3.2 percent for FY17," it said in a note.