GST cheer for government as states’ shortfall drops

Amid a sense of doom and gloom spread by the falling rupee, rising oil prices and widening current account deficit, the government has at least one reason to cheer: compensation due to state governments for loss of revenue stemming from introduction of the goods and services tax (GST) in July 2017 is dropping sharply. Latest calculations by the ministry of finance show the shortfall in revenue of…