Finance Minister Nirmala Sitharaman will be chairing the 43rd Council Meeting of the Goods and Services Tax (GST) as scheduled on May 28 via the mode of video conferencing. According to the information posted on the official account of Nirmala Sitharaman’s Office, the meeting will commence at 11 am and will have the participation of Minister of State for Finance Anurag Thakur and the finance ministers along with senior officials of all the states and the Union territories.
The tweet from the office of the Finance Minister quoted, “Nirmala Sitharaman will chair the 43rd GST Council meeting via video conferencing at 11 AM in New Delhi on 28 May 2021. The meeting will be attended by MOS Anurag Thakur besides Finance Ministers of States and UTs and senior officers from Union Government and States.”
The 42nd GST Council meeting was conducted on October 5, 2020, where it was decided to further extend the levy of compensation cess surpassing the transition period of five years for such period as which will need to satiate the revenue gap.
The Union Government after the appeal from the states has taken the call to elevate the shortfall amount from Rs 97,000 crore to Rs 1.10 lakh crores under the borrowing option. Sitharaman added that 21 states in the country have opted with borrowing option 1 over compensation of revenue shortfall induced by GST implementation. She further said the Union Government is not refraining from any asked compensation to any state except for those which have not opted for any borrowing option need to borrow the same from the market.
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