GST Council Meeting August 27: Finance Minister Nirmala Sitharaman will chair the meet virtually
GST Council Meeting: Finance Minister Nirmala Sitharaman will chair the GST Council meeting through video conferencing on Thursday. This is the 41st meeting of the GST Council. The matter of payment of GST compensation to states will be discussed in today’s meeting, which will begin at 11 am. The GST Council meeting will be attended by Minister of State for Finance Anurag Thakur along with finance ministers of states and Union territories, and officers from the central and state governments. The 41st meeting of the GST Council comes at a time when many states have complained of not receiving or not receiving sufficient funds on time as GST compensation. Under the law that governs goods and services tax or GST, states have been guaranteed payment for loss of revenue in the first five years since the new indirect tax regime came into force in July 2017. In other words, states have been promised compensation for any revenue shortfall till 2022 if they fell below 14 per cent annual growth.
Finance Minister Smt. @nsitharaman will chair the 41st GST Council meeting via video conferencing at 11 AM in New Delhi today. The meeting will be attended by MOS Shri. @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States. pic.twitter.com/HeqCaGwMbc
— Ministry of Finance (@FinMinIndia) August 27, 2020
