The GST Council meeting on Monday has failed to decide over the issue of shortfall of compensation cess. Tarun Bajaj, Secretary, Department of Economic Affairs, Ministry of Finance has said that borrowing will not impact the resources of either the states or Centre. He had further explained that “It will be paid from the Compensation Cess collected after July 2022”. TS Singhdeo, Minister of Commercial Tax, Chhattisgarh, said that “So while the Centre is insisting on Section 293, which is about state borrowings, why not 293 (2) which says Centre can take loan and give it to the states.”
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