Quick Summary
The 41st GST Council meeting is scheduled to be held on the 27th of August 2020. As earlier announced by the Finance Minister, the 41st GST Council Meetingss sole agenda will be compensation to States. With the launch of GST the concept of Compensation Cess was introduced with the objective to compensate the states for any revenue loss on account of implementation of GST. The states have been guaranteed a compensation for five years with a 14% increase every year, presently extended up to 202
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FAQ :
The 41st GST Council meeting is scheduled for the 27th of August 2020.
The sole agenda for the 41st GST Council meeting is compensation to states.
The Compensation Cess was introduced to compensate states for any revenue loss incurred due to the implementation of GST.
The shortfall in GST revenue and cess collection, partly due to the COVID-19 pandemic, has affected the ability to pay promised compensation to states.
The Council may discuss ways to enhance the collection of cess and potentially include more goods or services under the criteria for GST Compensation Cess.
There is a need for clarification on the retrospective application of GST on Net GST Liability from July 2017, as a recent notification on interest chargeability dates conflicts with a previous announcement.
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