GST Council to re-convene on Compensation Cess issue, announces relief measures for small taxpayers

GST Council during its 42nd meeting today extensively deliberated on Compensation Cess, also announces a slew of relief measures for the small taxpayers; Levy of Compensation Cess to be extended beyond the transition period of 5 years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap; Announces that Centre shall release compensation of Rs. 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about...