Monday , October 18 2021

GST Council to discuss revenue position, compensation cess in its upcoming meeting

Amid states demanding release of pending GST compensation, the GST Council may discuss the revenue position in its upcoming meeting. With an aim to deliberate on a host of issues, including raising cess on some more products to meet the growing need of compensation cess, the meeting of all powerful GST Council is expected to take place in the second half of this month.

The discussion is quite critical as lower GST and compensation cess collections have been a matter of concern in the last few months. The compensation requirements have increased significantly and are unlikely to be met from the compensation cess being collected. The Council has sought suggestions, inputs or proposals as regards measures, on compliance as well as rates which would help in augmenting revenue.

Specific suggestions may please be provided on following review of items currently under exemptions, GST and compensation cess rates on various items, rate calibrations for addressing the inverted duty structure, compliance measures other than those currently under implementation and any other measure to augment revenue. The suggestions made will be placed before the committee for urgent examination.

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