No diversion of GST cess: Govt after CAG report

The government has dismissed suggestions of diverting GST compensation cess into its books and said that the money was temporarily lying in the Consolidated Fund of India, pending reconciliation. In its latest report, the Comptroller and Auditor General of India had said that during 2017-18 and 201819, there was “short crediting” of compensation cess of around Rs 47,000 crore, which resulted in over-statement of the Centre’s revenue receipts and understatement of fiscal deficit.

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Sep 27, 2020 - 09:51
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No diversion of GST cess: Govt after CAG report
The government has dismissed suggestions of diverting GST compensation cess into its books and said that the money was temporarily lying in the Consolidated Fund of India, pending reconciliation. In its latest report, the Comptroller and Auditor General of India had said that during 2017-18 and 201819, there was “short crediting” of compensation cess of around Rs 47,000 crore, which resulted in over-statement of the Centre’s revenue receipts and understatement of fiscal deficit.