LIVE UPDATES: Modi government blinks, to borrow Rs 1.1 trillion to pay states to compensate GST losses

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The ongoing standoff between the Centre and states ruled by non-BJP parties appears to be heading to an amicable resolution after the government headed by Prime Minister Narendra Modi agreed to borrow Rs. 1.1 trillion to compensate states for tax losses due to the spread of coronavirus.

Modi government

While states ruled by the BJP or its allies had agreed to borrow from the market, 10 governments, all ruled by non-BJP parties, had insisted that the central government compensate their revenue losses.

According to the 2017 GST law, the central government is expected to compensate the revenue loss for states if their collection fell below 14%. However, due to a prolonged period of nationwide lockdown to fight coronavirus, there was a significant fall in the tax collection, making it hard for the central government to pay the states.

A report by news agency Reuters said that the borrowing of Rs 1.1 trillion would be over and above Rs. 4.34 trillion that the central government has already planned to raise from the market between October and March 2021.

LIVE UPDATES on this and other big stories of the day will appear below:

19:04 PM: Body of 25-year-old man found hanging from a tree in Muzaffarnagar district of Uttar Pradesh: Police. (PTI)

18:36 PM: A local court in #Mathura on Friday admitted a plea that seeks to remove a mosque adjacent to the #KrishnaJanmabhoomi. The court of district judge Sadhna Rani Thakur has fixed November 18 as the next date of hearing in the case. (IANS)

16:45 PM: Uttar Pradesh reports 2,610 new #COVID19 cases, 46 more fatalities and 3,538 recoveries. Infection tally rises to 4,49,935, death toll reaches 6,589. Number of active cases of the disease in the state stands at 35,263. (PTI)

16:18 PM: Congress general secretary Priyanka Gandhi Vadra attacks the Yogi Adityanath government in Uttar Pradesh over the state of women safety, alleges 13 horrific incidents of crimes against women have taken place in the last week. (PTI)

15:53 PM: Congress Leader Ghulam Nabi Azad Tests Positive For COVID-19

14:50 PM: Advocate Vibhor Anand accused of spreading #FakeNews on the #SushantSinghRajput case has been arrested by @MumbaiPolice. (Live Law)

13:58 PM: SC rejects SG’s plea objecting to appointment of Lokur panel, says concerned states were heard in the matter. (PTI)

13:20 PM: I shall be undergoing a procedure to remove a kidney stone. Will be back soon: Union minister Piyush Goyal

12:36 PM: The family wants the case to be shifted to Delhi, we also want to shift there. The governemnt should help us in this regard, we are dependent on them. We just want to be safe wherever we are: Brother of #HathrasIncident victim. (ANI)

11:51 AM: Pakistani troops engage in heavy firing and shelling on forward areas and posts along Line of Control (LoC) in J-K’s Poonch district in violation of ceasefire agreement: Officials. (PTI)

11:03 AM: The #Sambhal Police have busted a gang of human traffickers and arrested three persons while rescuing two women. (IANS)

10:14 AM: Single day spike of 63,371 COVID-19 cases, 895 fatalities pushes India’s virus caseload to 73,70,468, death toll to 1,12,161: Govt. (PTI)

09:49 AM: A local court has issued a non-bailable warrant (NBW) against former #Mahoba Superintendent of Police (SP) #ManilalPatidar, an IPS officer, in connection with the #IndrakantTripathi murder case. (IANS)

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