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42nd GST council meet
October 11 , 2020
1510 days
1116
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- The GST Council was unable to come to a consensus on the compensation borrowing options as no final decision was taken at the 42nd meet.
- GST Council is a Constitutional body under Article 279A, providing recommendations to Union and State Government on GST related issues.
- The Council is chaired by Union Finance Minister and other members are Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all States.
- Its recommendations are binding and all decisions are taken by 75% majority of members.
Key recommendations
- GST Compensation Cess levy has been extended beyond 2022.
- Taxpayers with turnover more than Rs 5 crores will have to provide Harmonised System Nomenclature (HSN) Code from April 2021.
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