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With GST compensation cess falling short, states may agree to raise rates at the lower end - Financial Express

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Despite his credentials as an economist and a former secretary general of Ficci, most tend to dismiss West Bengal finance minister Amit Mitra’s warning on the stagnant GST revenues as pure politics. At an Express Group event, Mitra spoke of India’s federal polity being at risk if the Centre didn’t extend the guarantee of a 14% growth in the states’ revenue from GST; right now, if the state GST revenues don’t rise by 14%, they are to be compensated for the shortfall. The states would fall off a cliff, Mitra said, if this guarantee wasn’t extended for another five years after 2022. While the situation may be more serious, in one critical aspect, than Mitra pointed out, the good news is that this may also result in much-needed GST reform.

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