Try GOLD - Free
'States can't seek revenue-raising measures outside of GST ambit'
Financial Express Kolkata
|September 05, 2025
Within a few months after the roll-out of the revamped Goods and Services Tax (GST), revenues will tend to stabilise and then pick up, according to the Central Board of Indirect Taxes & Customs (CBIC) chairman Sanjay Kumar Agarwal.
-
In an interview with Prasanta Sahu, he also said that in the case of industries like automobiles, who may have stocks on which cess is already paid (but will not apply for new products from September 22), the costs can't be offset.
On the demand for revenue compensation from some states, he said they could propose a mechanism only within the fiscal space available under the GST law.
Excerpts:
How fast do you seek to recover the revenue loss (estimated at ₹48,000 crore annually) from the GST recast?
It is an estimate on a mathematical basis, based on the consumption patterns in 2023-24.
This story is from the September 05, 2025 edition of Financial Express Kolkata.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Financial Express Kolkata
Financial Express Kolkata
Sandesara brothers deposit ₹5,100 cr
Total recovery nearly double of %5,383-cr fraud
1 min
December 12, 2025
Financial Express Kolkata
Silver futures hit record high of ₹1.93L
EXTENDING THE RECORD- BREAKING run to a third day, silver prices scaled a fresh peak of %1,93,720 per kg in the futures trade on Thursday fol- lowing strong global trends and a rate cut by the US Fed.
1 min
December 12, 2025
Financial Express Kolkata
Goyal: If happy with our offer, US should sign pact
THE US SHOULD sign a trade agreement with India if it feels that the offer made by the country in the negotiations is the best it has received from any other country, Commerce and Industry Minister Piyush Goyal said on Thursday.
1 min
December 12, 2025
Financial Express Kolkata
Affordability isn’t a hoax, also not a crisis for most
WHEN SOMEONE TELLS you that they are struggling, it is generally a good rule of thumb to take them seriously.
3 mins
December 12, 2025
Financial Express Kolkata
Exports can reach $1 bn every year, says Goyal
UNION COMMERCE MINISTER Piyush Goyal on Thursday pegged the Kolhapuri chappal exports to be a $1-billion per year opportunity.
1 min
December 12, 2025
Financial Express Kolkata
Easier audit standards for smaller firms soon
ICAI prepares new less-intrusive norms for closely held units, seeks NFRA approval
1 min
December 12, 2025
Financial Express Kolkata
Finmin streamlines recruitment for PSBs
THE FINANCE MINISTRY has undertaken several initiatives aimed at streamlining the timelines for recruitment examinations for the public sector banks and declaration of their results.
1 mins
December 12, 2025
Financial Express Kolkata
RBI buys ₹50K-cr bonds via OMO, first since May
THE RESERVE BANK of India on Thursday completed the first of two open-market bond purchases for December, taking its debt buys this financial year to a record ₹3.16 lakh crore.
1 mins
December 12, 2025
Financial Express Kolkata
Microsoft ties up with 4 IT firms to boost agentic AI
IT MAJORS TO REDESIGN WORKFLOWS AROUND HUMAN-AGENT COLLABORATION
1 mins
December 12, 2025
Financial Express Kolkata
RBI relaxes transaction account norms for banks
THE RESERVE BANK of India (RBI) on Thursday released the final guidelines on transaction account directions and introduced key relaxations while maintaining the overall principle-based framework, easing bank norms related to opening and maintenance of cash credit, current and overdraft accounts.
1 mins
December 12, 2025
Listen
Translate
Change font size