GST shortfall: Now, Rajasthan accepts Centre’s compensation proposal

on Thursday became the latest among the dissenting states and Union Territories (UTs) to accept the Centre’s proposal of borrowing Rs 1.1 trillion to make up for the shortfall in goods and services tax (GST) collection. This comes two days after Puducherry accepted the proposal and the Centre released the second tranche of payments. According to the calendar, the next tranche of borrowing is scheduled for Monday.

has communicated its acceptance for Option 1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation,” the Ministry of Finance said in a release.

The Centre borrowed and transferred the second installment of Rs 6,000 crore to 16 states and three UTs under a special borrowing window on Monday. The loans raised by the Centre are released on a back-to-back basis in lieu of GST compensation cess releases.

With this, the Centre has also granted additional borrowing permission of Rs 5,462 crore (0.5% of the state’s GSDP) to

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BS Awards: Worst behind us as sales show steady rise, says India Inc brass

are showing a slow, steady rise in sales and profitability, chiefly owing to for products and services, according to India Inc captains, united in the view that the worst part of the pandemic crisis is behind them.

At the same time, they want the government to focus on job creation, invest in infrastructure, and improve the lives of migrant workers, who faced hardship during the pandemic.

Chief executive officers (CEOs) said firms were yet again taking risk by investing in the country and overseas with Tata Group firm Titan even opening its first Tanishq showroom in Dubai last week.

Speaking at the Business Standard Awards Winners Conclave, conducted online for the first time due to the pandemic, the CEOs said their were spurred into activity mainly due to the consumer pull.

“Titan has done exceptionally well during the pandemic as our people came together to handle the crisis. If you ask me one secret sauce (for our success), it is our people,” said Bhaskar Bhat, former managing director (MD) of Titan and the winner of the CEO of The Year award for 2019.


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Johnson Appeals For Unity As England Enters New Lockdown

Prime Minister Boris Johnson on Thursday called for a united effort to tackle spiking coronavirus infection rates, as 56 million people in England went into a second lockdown but with the public weary of restrictions and fearing for their livelihoods.

Renewed stay-at-home restrictions and business closures are set to last for four weeks yet have been met with scepticism that they can halt the worst death toll from the virus in Europe.

“While it pains me to have to ask once again for so many to give up so much, I know that, together, we can get through this,” said Johnson, whose government sets health policy in England.

People headed to bars and restaurants in London the night before an England-wide lockdown took effect
 AFP / Hollie Adams

“We can do this, we will do this by December 2nd,” he told a news conference, promising that compliance could see people enjoy “as normal a Christmas as possible”.

The latest lockdown came into force at 0001 GMT and by daybreak had turned normally bustling cities into ghost towns.

“You can’t imagine from yesterday to today how different it is. It’s completely dead now,” Maria Belkihel, 42, told AFP in London’s best

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