The 41st GST Council Meeting was organized on August 27, 2020, till 5:30 pm. The GST council meeting members discussed the “revenue compensation to states”.
The 41st GST Council Meeting was conducted via video conference due to the corona pandemic. Also, there was some discussion pending before the GST council such as GST rate cut on two-wheelers, etc. Check out all updates from the 41st GST council meeting.
“The states will get loans at similar rates if these states will burn with bond yields. Thus it is good to run the process so that all states will get the loan at the same rates.”
“The government agrees that this is not the right time to discuss the tax rates”
“The consideration of 0.5% in the borrowing limit is given by the government. beneath the FRBM Act as the second leg of Option 1. States can select to borrow more, as due to COVID-19 injury. The state will borrow less if the state will choose option1.”
“The total compensation for GST for April – July 2020, will be paid is Rs 1.5 lakh crore, it is because there is a rare collection of GST in April and May. The requirement is around 3lakh crore for annual compensation of GST and collection for cess is Rs 65000 crore, creating a difference of Rs2.35 lakh crore.”
Revenue has to be protected Compensation gap to be met from the cess fund, which in turn has to be funded from the levy of cess.
Finance Secretary Ajay Bhushan Pandey : GST compensation payment assured for a transition period – from July 2017 to June 2022. Also, the compensation gap and compensation levy to be extended above 5 years.
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Blog source : GST Council official
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