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Financial Advisory Council of 15th Finance Fee to satisfy on Friday; focus on GDP, GST | Financial system Information

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New Delhi: The Fifteenth Finance Fee, chaired N Okay Singh will maintain a day lengthy assembly with the Financial Advisory Council of the Fee on Friday to debate a number of points starting from the nation’s GDP and GST compensation to states.

The assembly is for a “Remaining dialogue on GDP progress, tax buoyancy of the Centre and the States, GST compensation, income deficit grant and financial consolidation,” an official launch stated.

The members of the Financial Advisory Council prone to attend tomorrow’s assembly are Pinaki Chakraborty, Prachi Mishra, Omkar Goswami, Sajjid Z Chenoy, Neelkanth Mishra, Rathin Roy, D. Okay. Srivastava, Arvind Virmani, M. Govinda Rao, Sudipto Mundle, Shankar Acharya, Pronab Sen, Krishnamurthy Subramanian.

India’s Annual Gross Home Product (GDP) for April-June 2020 slowed right down to 23.9 p.c, authorities knowledge confirmed on August 31.

The Nationwide Statistical Workplace (NSO), Ministry of Statistics and Programme Implementation releasing the estimates of GDP for the primary quarter (April-June) Q1 of 2020-21, each at Fixed (2011-12) and Present Costs stated, “GDP at Fixed (2011-12) Costs in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as in opposition to Rs 35.35 lakh crore in Q1 of 2019-20, exhibiting a contraction of 23.9 p.c as in comparison with 5.2 p.c progress in Q1 2019-20.  Quarterly GVA at Primary Worth at Fixed (2011-12) Costs for Q1 of 2020-21 is estimated at Rs 25.53 lakh crore, as in opposition to Rs 33.08 lakh crore in Q1 of 2019-20, exhibiting a contraction of 22.eight p.c”.

In the meantime, Centre has put ahead the choice earlier than states, on the 41st GST Council assembly on August 27 to take mortgage to take care of the shortfall in GST compensation. If states borrow loans for the aim, then the monetary burden would fall on the states.

 



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