The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing on 5th October 2020. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. 2. Centre is releasing compensation of ₹ 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ₹ 25,000 crore towards IGST of 2017-18 by next week. 3. Enhancement in features of return filing:In its 39th Meeting held in March 2020, the Council had recommended an incremental approach to incorporate features of the new return sy...
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