GST Council will not meet this month, will now meet on October 5
- Earlier, on August 27, the GST Council met
- In the last meeting, compensation to we discussed the states and measures to deal with this deficiency.
This month’s meeting of the Goods and Services Tax (GST) Council, which was to be held on September 19, has now been postponed to October next month. They report it that now the 42nd meeting of the GST Council will be held on 5 October. The next meeting of the GST Council is very important because it will discuss the GST compensation of the states and union territories.
The economy is badly affected
States and Union Territories may require GST compensation of about Rs 3.12 lakh crore in the current financial year. It has jumped 89% in 2019-20 due to a steep decline in tax revenue. The economy has been severely affected by the 68-day nationwide lockdown and sanctions caused by the corona virus epidemic.
Earlier, the meeting was held on August 27
Let us tell you that earlier on August 27, it held a meeting of the GST Council, in which they discussed the compensation to the states and measures to deal with this deficiency. The central government has given two options to the state governments to deal with the gap in the GST compensation. The first option in this is that the center borrows and pays the states. While the other option is that the states themselves borrow from the RBI.