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Compensation for GST Implementation to be Increased


The Empowered Committee of state finance ministers on GST (Goods and Services Tax) on 21 May 2010 declared that the Indian Finance Ministry agreed to increase the compensation package for states that incur revenue loss due to implementation of GST. The Thirteenth Finance Commission had fixed the compensation package at Rs 50000 as incentives for the states that migrate to GST during first five years.

Oct 13, 2010 15:02 IST
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The Empowered Committee of state finance ministers on GST (Goods and Services Tax) on 21 May 2010 declared that the Indian Finance Ministry agreed to increase the compensation package for states that incur revenue loss due to implementation of GST. The Thirteenth Finance Commission had fixed the compensation package at Rs 50000 as incentives for the states that migrate to GST during first five years. States were also requested to states to suggest a scheme that would help to compensate the states for the revenue loss suffered as a result of reduction in the Central Sales Tax(CST) to 2 per in 2008-09.

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