Corona's Act of God, its impact on GST collection: Finance Minister at GST Council meeting

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New delhi date. 27 August 2020, Thursday

The 41st meeting of the GST Council was held on Thursday. Finance Minister Nirmala Sitharaman said that GST collection has come down due to Corona. In the financial year 2021, GST collection could be reduced by Rs 2.35 lakh crore. He called Corona an act of God.

It was hoped that a major decision could be reached at this meeting but no major decision was reached at the meeting. A decision was likely to be taken to reduce the tax on two-wheelers, but the finance minister said there was no timeline for tax cuts on two-wheelers. It may now be considered at the next meeting of the council. The next meeting of the GST Council will be held in September.

Compensation being offered in the states was discussed. The finance minister said the states were given two options of compensation. In which the first option is to borrow from the Center and the second option is taken by the state itself from the RBI, the states asked for a week to consider these two options. This system of compensation will be for the financial year 2021. The finance secretary hoped for a compensation cess collection of Rs 65,000 crore in the financial year.

The finance secretary said there was no discussion on raising GST rates. The finance secretary has hoped for a collection of Rs 3 lakh crore in the current financial year. The finance secretary said Rs 1.5 lakh crore is due from the April-July limit for GST compensation to the states.

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