The 40th GST Council meeting is scheduled on 12.06.2020 and is likely to discuss the impact of the Covid-19 pandemic on tax revenues.
Waiver of late fees for non-filing of GST returns for the period August 2017 to January 2020 will also be discussed in this GST Council Meeting.
The Council shall also discuss ways to garner funds to compensate States for the revenue loss due to Goods and Services Tax (GST) implementation. In the previous council meeting held on 14.03.2020, Finance Minister had said that the Centre will look into the legality of GST Council borrowing from market to meet the compensation requirements of States. With States raising the issue of shortfall in compensation, there were discussions on resorting to market borrowing to meet the revenue guarantee to States.