Today's meeting of the GST Council to discuss compensation to the states

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Mumbai, Ta. Wednesday, August 26, 2020

The Goods and Services Tax (GST) Council is scheduled to meet tomorrow (August 8) amid the country's economic downturn caused by the spread of coronavirus, with the government's agenda to discuss in-depth compensation to the states.

It is time to take a decision to address the problem of compensation to the states due to the shortfall in revenue through GST due to Corona.

On the eve of the meeting, the chief ministers of some states, especially the chief ministers of non-BJP-ruled states, also met today to discuss the issue to be presented to the Center.

It is learned that Attorney General KK Venugopal has expressed the view that the Center should reimburse the states in full for the losses incurred in GST due to Corona.

Tomorrow's meeting will also discuss whether the council can raise money from the market to compensate the states in view of the impact of the corona on the revenue of the states and the center through GST, sources in the finance ministry said.

The council has had several options to offset the shortfall in revenue through GST due to Corona, one of which is the issue of covering more goods in GST.

According to the GST Act, for five years after the GST comes into force, the Center has to pay compensation to the states according to a specific calculation. Corona has led to a decline in GST revenue from the Center and the states.


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