The GST council is the chief decision-making body that takes all important decisions about the GST regime. The 41st GST council meeting was held on the 27 of August 2020 through video conferencing. This meeting was chaired by the Union Finance Minister Nirmala Sitharaman in the presence of the Attorney General.
There may be a brief meeting soon to decide on the options offered to the States in the 41st GST Council meeting. However, as per sources, the 42nd GST council meeting may be on the 19 of September 2020.
This meeting is going to focus on providing compensations to states, for the revenue losses incurred under the Indirect Tax regime.
However, due to the prevailing situation in the country and economic downfall, the collection of this cess has decreased. Understanding this, the council members may work out a reasonable plan to balance the liabilities between the centre and state.
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