Goods and Services Tax – GST Dated:- 1-8-2020 – News – New Delhi, Aug 1 (PTI) Finance Minister Nirmala Sitharaman on Saturday said the Attorney General's view on GST compensation was sought after consultation with the states and a meeting of the GST Council would be held to discuss the legal opinion. The finance minister was responding to a question on apprehensions raised by certain states about the reported AG opinion on GST compensation. This matter was discussed in the GST Council meeting when it met last time. Members expressed their views on the matter and it was decided that legal opinion should be taken from AG, Sitharaman told reporters here. The GST Council, chaired by the Union finance minister a
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imposition of cess started dwindling since August 2019 and the Centre had to dive in to the excess cess amount collected during 2017-18 and 2018-19. Under the Goods and Services Tax (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 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. Under the GST structure, taxes are levied under 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs. On top of the highest tax slab, a cess is levied on luxury, sin and demerit goods and the proceeds from the same are used to compensate states for any revenue loss.
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