Quick Summary
The 41st GST Council meeting was held today, 27/08/2020, Thursday with the agenda of compensation for loss of revenue arising from the implementation of GST. The 41st meeting of the GST Council was held via video conferencing. In regard to the shortfall in compensation, the Council had consulted the
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FAQ :
The 41st GST Council meeting was held on Thursday, 27th August 2020.
The main agenda was to discuss compensation for the loss of revenue arising from the implementation of GST.
The Attorney General suggested that the compensation cess levy could be extended beyond the initial five years.
The two options were: 1) A special window with RBI consultation to pay states at a reasonable interest rate after 5 years, funded by extending the cess levy. 2) States compensating through borrowings in consultation with the RBI.
The states have been given a seven-day period to consider the proposals and respond.
No, the Council stated these options are relevant for the present year only, and the situation will be reviewed again next year.
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