Finance minister Nirmala Sitharaman on Thursday chaired the 41st meeting of the GST Council that focused on the agenda of compensating states for revenue shortfall.
After the five-hour long meeting, revenue secretary said the GST collection was severely impacted due to the coronavirus pandemic and shortfall in FY21 stood at Rs 2.35 lakh crore of which Rs 97,000 crore was due to implementation of GST while the rest due to virus outbreak.
Finance minister Nirmala Sitharaman said the council discussed two options of compensating states for the current fiscal and has decided to give seven days to choose from the two.
She said the GST Council will look at issue again in April next year.
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