Looking for the updates of the 42nd GST Council Meeting? Here are the most important ones:
The 42nd GST council meeting was held on 5th October, 2020 under the chairmanship of Finance minister Smt. Nirmala Sitharaman through video conferencing. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. Let us have a look at the outcome of the 42nd GST Council Meeting Held on 5th October, 2020.
It was decided in 42nd GST Council meeting that the Levy of Compensation Cess will be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out.
Apart from this, in the 42nd GST Council Meeting, it was announced that the Center will release compensation of Rs 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about Rs 25,000 crore towards IGST of 2017-18 by next week.
However, The 42nd GST Council again was unable to come to a consensus on the compensation borrowing options. The same will further be discussed in the next meeting which will be the Extended 42nd GST Council meeting which is Scheduled to be held on 12.10.2020.
Hope this article was helpful. Refer to the topics discussed in the 41st GST Council meeting.
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