The 41st GST Council Meeting discussed the economic situation and the compensation shortfall arising out of GST implementation. The Hon'ble Chairperson presented a proposal for Option 1, which included borrowing through a Special Window with interest rates close to the G-Sec and compensation being paid to the States in a bimonthly manner. The Council also discussed the problem of smaller States and the need for revenue deficit grants. Some members suggested revisiting the GST rates and administration. The Council agreed that borrowing was the only solution to address the compensation shortfall.

The 42nd GST Council meeting discussed options for states to meet their GST compensation shortfall, with 21 states opting for Option-I. The Department of Expenditure agreed to modify Option-I to reduce projected growth to 7% and increase borrowing to 1.1 lakh crore. The meeting also discussed a proposed QRMP system for small taxpayers to reduce compliance costs. The minutes were presented in sequence of agenda items 2 to 14, with the compensation issue discussed after Agenda No.9.

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CS Kaushal Agrawal is a highly experienced practicing Company Secretary and GST consultant, trainer, speaker, and author with over two decades of industry expertise. His comprehensive knowledge base and skillset enable him to work on tax matters, tax strategy formulation, tax implementation, tax audits, and tax advisory. He also has extensive experience in handling tax notices and appeals.

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