This is a roundup of the day’s top stories in brief.
1. GST Compensation: Consensus Elusive
The good and services tax council failed to reach a consensus on the issue contentious issue of pending GST compensation for the states at its 42nd meeting today.
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The decision has now been deferred to Oct. 12 when the council will meet again.
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However, the Centre will disburse the amount collected as compensation cess this year, approximately Rs 20,000 crore, to states by tonight, Finance Minister Nirmala Sitharaman said in a media briefing.
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Sitharaman said that no state will be denied their dues even if a consensus is not reached on Oct. 12.
She also said that the compensation cess will be extended beyond 2022.
2. Waiving Compound Interest: Finding The Good In A Bad Idea
It is now near certain, that we will see a new class of waivers introduced into the Indian banking lexicon. The compound…