The Goods and Sevices Tax (GST) compensation cess deadlock continues as even after an 8-hour meeting, the Centre and the States could not draw consensus on the issue of borrowing to make up for compensation shortfall. The council would again meet on October 12 to deliberate on the same.
Finance Minister Nirmala Sitharaman addressed the media on October 5 on the outcomes of the 42nd GST Council meeting, saying that the council is ready for more talks as there are some states which have not chosen either option given to them to resolve the compensation cess issue.
The GST Council has also decided to extend compensation cess levy beyond June 2022 and some changes have also been made in the Option 1 given to the states. What are these changes? What all was discussed at the council meeting? Let's find out the key highlights of the 42nd GST Council meeting.
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