Finance Minister Palanivel Thiaga Rajan in his budget speech said despite multiple representations from the States, the Union government refused to extend the original GST compensation period.
Advertisements
The GST was introduced on July 1, 2017, and June 30, 2022 marked the end of the transition period during which the States were compensated for any loss in revenue due to the implementation of the new tax regime, calculated as the difference between the projected revenue based on a 14% annual growth with 2015-16 as the base year and the actual GST revenue.
Read more at : THE HINDU
Share this content:
