New Delhi: Union Finance Minister Nirmala Sitharaman on Friday underscored the spirit of cooperative federalism that underpins the Goods and Services Tax (GST) framework, asserting that both the Centre and the states are “equal partners” in the revenue collection and sharing process.
Addressing concerns raised by several states over declining GST revenues, Sitharaman clarified that any reduction in earnings impacts both the Centre and the states equally, as they draw from the same pool of resources.
“In the GST Council, the Centre and states are equal partners. All of us are sitting there together. Any revenue loss, the way in which it has been put, is a loss for the Centre also. Any reduction in the earnings is a reduction in the earnings of the Centre also,” the Finance Minister said.
Sitharaman firmly dismissed the perception that the Union government holds excess funds to compensate states in case of revenue shortfalls.
“The Centre is not sitting with an additional bag of resources to be able to fund states if they’re not doing well. All of us are equally in it. And this has been said in the GST Council itself. I would like to reiterate that point. I am not sitting with a separate bag of money,” she emphasised.
She further explained the collective nature of GST operations, adding, “In the GST Council, all of us are sitting together with a bag in the centre. All of us collect and we put it into it, and all of us take out of it. If it comes down, all of us will have to be more efficient in collection.”
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