The North Block of the Central Secretariat building, which houses the Ministries of Finance and Home Affairs, stands in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)
The central government is not in breach of any promise made to states as part of the agreement on compensation for shortfall in revenue on account of the goods and services tax. That’s according to the government’s Expenditure Secretary TV Somanathan.Speaking to BloombergQuint, Somanathan said discussions that took place in earlier GST Council meetings had debated a hypothetical shortfall in compensation cess collections. “Then chair...