Categories: Business

GST council to meet on June 12

Photo: GOOGLE

GST Meet Next Week

new Delhi. The Goods and Services Tax (GST) Council will meet on 12 June. Giving this information, the sources said that the impact of Kovid-19 on tax revenue will be reviewed in this meeting. The 40th meeting of the GST Council led by Finance Minister Nirmala Sitharaman will be through video conferencing. Finance ministers of the states will also participate in it. Sources said that the meeting will consider the impact of this epidemic on the revenue of the Center and states and steps to compensate for it. The government has not released the GST collection data for the months of April and May due to poor tax collection data and the date of filing of returns. The council meeting will also discuss fund raising measures to compensate the revenue loss to the states due to GST implementation.

In the last meeting of the GST Council held on 14 March, Sitharaman had said that the central government would look into the legal requirements of raising debt from the market to meet the compensation requirement by the GST Council. States are complaining about underpayment of compensation. In such a situation, states are considering raising debt from the market to guarantee revenue. Under the GST Act, states have been guaranteed to recover the revenue loss for the first five years of the implementation of GST. Compensation is calculated based on an estimate of 14 percent year-on-year increase in the GST collections of states for the base year 2015-16.

This post was published on June 5, 2020 8:09 pm

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