Compensation cess and petroleum to fire up GST Council meeting

The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states

The meeting of the Goods and Services Tax (GST) Council on Friday in Lucknow, the first physical meeting in over 20 months, is expected to see hectic discussions on two contentious issues between the Centre and the states: Extending the period of compensation cess for states and bringing petroleum products under GST. States are expected to stay firm on their demand to extend the compensation period by another five years, at the existing assumed growth rate of 14 per cent.

The Centre will give a detailed presentation, listing out the scenario post June 2022 and the options to make up