Centre clears Rs 8,800 crore GST dues: Karnataka CM Bommai
Bengaluru(PTI): Karnataka Chief Minister Basavaraj Bommai on Friday said the Centre has cleared GST dues to the tune of Rs 8,800 crore and the rest will be paid soon.
Speaking to reporters here, the CM said his government had appealed to the union government for extending GST compensation period by another two years, but it was rejected citing rules. "However, they are giving us our dues. Only recently, they (Centre) gave us Rs 8,800 crore. The rest of amount will be paid. There is no doubt about it, he said.
Regarding extension of the GST compensation beyond five years, Bommai said the central government has made it clear that the GST compensation can be given only for five years and cannot be extended further.
The Chief Minister also underlined that the central government is giving the state's share of GST. During COVID time the collection was almost nil and the GST said that the compensation will be given only if there is collection. However, the Centre gave compensation even though there were no collection, he explained.
The goods and services tax (GST) was brought in and implemented from July 1, 2017. All the states were assured of compensation for loss of revenue arising out of implementation of the new tax regime as per the GST (Compensation to States) Act, 2017 for a period of five years.
To a question on the local body elections in the state and elsewhere, Bommai said the Bruhat Bengaluru Mahanagara Palike Chief Commissioner's report on the delimitation and reservation of wards will be submitted to the Supreme Court on July 22.
Following the apex court's direction, the process will be taken up further, he added.
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Trump says EU has until July 4 to approve last year's trade deal or it will face higher tariffs
Washington (AP): President Donald Trump has said in a social media post that goods from the European Union would face higher tariff rates if the 27-member bloc fails to approve last year's trade framework by July 4.
The announcement on Thursday appeared to be a deadline extension after the president said last Friday that EU autos would face a higher 25 per cent tariff starting this week. Trump made the updated announcement after what he described as a "great call" with European Commission President Ursula von der Leyen.
Still, the US president was displeased that the European Parliament had yet to finalize the trade arrangement reached last year, which was further complicated in February by the US Supreme Court ruling that Trump lacked the legal authority to declare an economic emergency to impose the initial tariffs used to pressure the EU into talks.
"A promise was made that the EU would deliver their side of the Deal and, as per Agreement, cut their Tariffs to ZERO!" Trump posted. "I agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels."
It was unclear from the post whether Trump was implying that the tariff rates would jump on all EU goods or the increase would only apply to autos.
His latest statement indicates he might be backing away from his earlier threat on EU autos by giving the European Parliament several more weeks to approve the agreement.
Under the original terms of the framework, the US would charge a 15 per cent tax on most goods imported from the EU.
But since the Supreme Court ruling, the administration has levied a 10 per cent tariff while investigating trade imbalances and national security issues, aiming to put in new tariffs to make up for lost revenues.
