GST : || Centre Violated GST Compensation Act: CAG ||
Citing the opinion of the Attorney General of India, Finance Minister Nirmala Sitharaman told Parliament last week that there was no provision in the law to compensate states for loss of GST revenue out of the Consolidated Fund of India (CFI).
However, the Comptroller and Auditor General (CAG) of India has found that the government itself violated the law by retaining Rs 47,272 crore of GST compensation cess in the CFI during 2017-18 and 2018-19, and used the money for other purposes, which led to overstatement of revenue receipts and understatement of fiscal deficit for the year.
Audit examination of information in Statements 8, 9 and 13 with regard to collection of the cess and its transfer to the GST
Compensation Cess Fund, shows that there was short crediting to the Fund of the GST Compensation Cess collections totalling to Rs 47,272 crore during 2017-18 and 2018-19, the CAG has said.
https://indianexpress.com/article/india/cag-centre-broke-the-law-used-funds-for-gst-compensation-elsewhere-6609749/
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GST : || Centre Violated GST Compensation Act: CAG || Citing the opinion of the Attorney General of India, Finance Minister Nirmala Sitharaman told Parliament last week that there was no provision in the law to compensate states for loss of GST revenue out of the Consolidated Fund of India (CFI). However, the Comptroller and Auditor General (CAG) of India has found that the government itself violated the law by retaining Rs 47,272 crore of GST compensation cess in the CFI during 2017-18 and 2018-19, and used the money for other purposes, which led to overstatement of revenue receipts and understatement of fiscal deficit for the year. Audit examination of information in Statements 8, 9 and 13 with regard to collection of the cess and its transfer to the GST Compensation Cess Fund, shows that there was short crediting to the Fund of the GST Compensation Cess collections totalling to Rs 47,272 crore during 2017-18 and 2018-19, the CAG has said. https://indianexpress.com/article/india/cag-centre-broke-the-law-used-funds-for-gst-compensation-elsewhere-6609749/