Key Recommendations By The 49th GST Council

The 49^th meeting of the GST Council was held on February 18^th, 2023. Summarised below are the key recommendations made:

On GST Compensation Cess:

• Entire outstanding GST Compensation Cess of Rs. 16,982 crores due to the States for June 2022 is to be cleared from the Central Government's own resources and recouped from future Compensation Cess collection. This would clear the provisionally admissible compensation for the past five years.
• An additional final compensation cess of Rs. 16,524 crores would be cleared to those States who have provided the revenue figures as certified by the Accountant General of the States.

On formation of GST Appellate Tribunals:

• The Council adopted the report of the Group of Ministers ("GoM") with certain modifications and the final draft amendments to the GST Laws is to be circulated to its members for comments.