GST meet inconclusive, FM says will release $20,000 cr to states

The Centre and the states on Monday could not reach any consensus on the pending compensation issue at the 42nd Goods and Services Tax Council meet on Monday. This as Finance Minister Nirmala Sitharaman said compensation cess collected this year amounting to about ₹20,000 crore would be disbursed to all states by Monday night. Sitharaman said 21 states had opted for one of the two options the Centre had previously suggested for borrowing to meet the shortfall in GST collections. Briefing reporters after the GST meeting, Sitharaman said the GST Council had also discussed the long-pending issue of Integrated Goods and Services Tax.