The
Centre recently announced that it would not fully compensate
the states for any shortfall in revenues from GST, thus
proving that the Centre's belief that compensation cess
would serve its purpose over 5 years, when its contribution
was needed, was wrong. The GST regime seemed to be on
a trajectory when growth was reasonable, but needed
a life support when growth slowed down.
*
This article was originally published in the Frontline
Print edition: August 28, 2020.
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