In a significant move, the GST Council, with consensus from the Centre and all states, has announced structured rate cuts, including a reduction on cement to help the middle class build homes. The Finance Minister highlighted this as a "festive bonanza" resulting from a near-unanimous decision, moving to quell any politics over the matter. However, this has raised critical questions about the financial implications for states. A key point of contention is the compensation for the anticipated revenue loss. One speaker stated, "as per the law of the land, in a federal structure, it is the duty and responsibility of the Centre to compensate States for the revenue loss." Concerns were also raised about pending GST dues and the need for a time-bound payment plan, especially for states like Punjab which are dealing with flood situations. #gstratecut #gstcouncil #taxreform #itwebvideos #statecompensation #revenueloss #indianeconomy #festivebonanza #commonman #centrestate #taxcut #finance #politics #gst #federalism #bjp
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