<span style="color: #222222;">Finance Ministry has approved the constitution of a seven-member Group of Ministers (GoM) to examine the issue regarding Modalities for Revenue Mobilisation in case of Natural Calamities and Disasters. </span><br />'' <br />'' <span style="color: #222222;">It will be headed by Bihar Deputy Chief Minister Sushil Kumar Modi. </span><br />'' <br />'' <span style="color: #222222;">Briefing reporters after the 30th GST Council meeting in New Delhi, Mr Jaitley said, the panel will have members of North East, hill and coastal states. </span><br />'' <br />'' <span style="color: #222222;">The ministerial panel will also examine the legality of imposing a new tax on certain goods and services to raise resources for natural calamity-hit states. </span><br />'' <br />'' <span style="color: #222222;">The GST panel headed by Mr Jaitley also took stock of the shortfall in tax mop up by the majority of the states under the new indirect tax regime. </span><br />'' <br />'' <span style="color: #222222;">The Finance Minister said the states faced an average 16 per cent shortfall in Goods and Services Tax mop up in the first year of implementation (July 2017-March 2018). </span><br />'' <br />'' <span style="color: #222222;">He said the shortfall has come down to 13 per cent during April-August period of current fiscal. </span><br />'' <br />'' <span style="color: #222222;">While six states Mizoram, Arunachal, Manipur, Nagaland, Sikkim and Andhra Pradesh are facing revenue surplus in current fiscal, 25 states have revenue shortfall and have to be compensated by the Centre. </span><br />'' <br />'' <span style="color: #222222;">The state deficit has to be neutralised within five years of the launch of the GST.</span><br />''