GST Law Violated By Centre, Funds Used Elsewhere: CAG
CAG in its recent report stated that the Centre has violated GST law by retaining Rs 47,272 crore in CFI's Fund. This money was meant to be transferred in GST compensation fund, which aims to offset the revenue loss of the states. CAG stated that the Centre used these funds for "other purposes" which "led to an overstatement of revenue receipts and understatement of fiscal deficit for the year".