The former finance secretary and chairman of the 13th finance commission, Vijay Kelkarhad said that Central Government left with no other option but to borrow moneyfrom the market and make up for states’ Goods and Services Tax (GST) losses. He stated that government had promised to pay meet any shortfall in states’ GST revenue from a 14% annual growth over the base year of 2015-16 as part of a deal to win states’ consent for the difficult indirect tax reform.
