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GST compensation: 1st option set to get nod with 21 states on board
Updated On: 21 September, 2020 10:12 AM IST | New Delhi | IANS
Manipur, the only state which had earlier chosen Option-2, later preferred to change it to Option-1. A few more states are, also, to give their borrowing option in a day or two
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With 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the GST compensation needs of states this year, decks have been cleared for the GST Council to approve the new compensation mechanism and make it universally applicable across all states and Union Territories at its next meeting on October 5.
Finance Ministry sources said that GST Council, as per the GST Act, needs only 20 states to pass any resolution, in case voting is required on any issue. With 21 on board with the first option, this could well be considered for adoption by the Council.
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