GST Council meeting is likely to be held in later August after the monsoon session
A special Goods and Service Tax (GST) Council meeting is likely to be held in later part of August after the monsoon session of Parliament concludes on 13th of the month, to discuss revenue shortfall compensation mechanism for states beyond June 2022 when the five year assured period comes to an end. The Council will likely debate on streamlining GST rates and inverted duty structure, tightening anti-evasion and fake input tax credit availed by scamsters to boost revenues. During the special meeting with state finance ministers, many of whom (especially those from opposition ruled states) are demanding the assured compensation mechanism to continue for another five years, the Union finance ministry will give various scenarios after June 2022 , a senior official told FE. Recently, Union revenue secretary Tarun Bajaj indicated that dependence on cess or borrowing to bridge the shortfall might not be the right way forward. While it is up to the GST Council to...
