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States to be given two options on meeting compensation gap: Centre after GST council meet

Finance Secretary Ajay Bhushan Pandey who attended the 41st GST Council Meet on the agenda of making up for the shortfall in states’ revenues amid the pandemic, said that the Attorney General’s clear opinion was that compensation gap cannot be met from India’s consolidated fund. Therefore there are two options. Option 1 that was presented to GST Council was to provide a special window to states, in consultation with RBI to provide Rs 97,000 crores at a reasonable interest rate.

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