GST Council on the coming Friday going to host it’s 43rd Meeting Chaired by the Union Finance Minister Nirmala Sitharaman, in this meeting Council is going to discuss & draw solution to the state borrowing made against shortfall of tax revenue in the respective fiscal year.

States on the other hand are eager to make requisition in regard to extension of GST compensation cess to further 5 years & GST rate cut on medical items like Oxygen equipment, Vaccine, Covid Drug, etc.

Meanwhile, Government official feel that both the proposal might not go through as it’s not feasible as there is already borrowing from the market to meet shortfalls in cess in the last fiscal year.

P.S. : Above mentioned information are not exhaustive, more will follow soon.

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