Looking for the updates of the 41st GST Council Meeting? Here are the most important ones-
The 41st GST council meeting was held on 27th of August, 2020 under the chairmanship of Finance minister Smt. Nirmala Sitharaman through video conferencing on a whole and sole agenda of resolving the issue of compensation deficit for states. Where the Finance minister Smt. Nirmala Sitharaman strongly said that “we are trying to facilitate the state.” and the discussion went on on the same topic.
The main outcome of 41st GST council meeting was that the states were given two options for revenue compensation under Indirect Tax Regime. As the States have been asking the Finance Ministry to release the compensation in a timely manner but even the center’s financial position along with GST CESS Collections have been hit hard due to COVID-19 Pandemic and back to back lock downs. What are the two options and what else was decided in the meeting, let us have a look on the highlights of the 41st GST Council meeting.
2nd Option: To meet the entire GST compensation gap of Rs 2.35 lakh crore this year itself after consulting with the RBI.
However, to think upon the options given, the state government has asked for the 7 days time. Whereas nothing relating to the increase in the tax rates were discussed in the 41st GST council meeting.
Hope this article was helpful. Refer to the topics discussed in the 40th GST Council meeting
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