NEW DELHI : The GST Council will on Friday discuss the impact of COVID-19 on tax revenues and may decide on the framework for compensation payout to states, according to sources.
The 40th meeting of the GST Council, headed by Finance Minister Nirmala Sitharaman and comprising state counterparts, will be held via video conferencing.The Council would also discuss waiver of late fees for non-filing of GST returns for the period August 2017 to January 2020.Although there would not be any change in tax rates, but the Council will likely decide on ways to garner funds to compensate states for the revenue loss due to Goods and Services Tax (GST) implementation.The meeting would discuss the impact of the pandemic on revenues of the Centre and.