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FM Nirmala Sitharaman chairs GST Council meeting to discuss compensation for loss of revenue to states

The 41st meeting of the GST Council is being held via video conferencing. Ahead of the meeting, chief ministers of opposition-ruled states got together to devise a common strategy on the issue.

Attorney General K K Venugopal had earlier opined that the Centre is not legally bound to make up from its coffers any shortfall in GST revenues of states. The Centre had in March sought views from the Attorney General on the legality of market borrowing to make good the shortfall in the compensation fund.

Under the GST law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from 1st July, 2017.

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