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of <h1>GST Council Weighs Borrowing Options to Address COVID-19 Compensation Shortfall for States and UTs.</h1> The 41st GST Council Meeting, chaired by the Union Finance Minister, focused on addressing the shortfall in GST compensation to States and Union Territories due to the COVID-19 pandemic. The Council discussed two main options for addressing the compensation gap: Option 1 involved borrowing to cover the shortfall attributed to GST implementation, with States receiving a 0.5% relaxation in their FRBM limits; Option 2 proposed borrowing the entire shortfall amount, with the Centre facilitating the process through the RBI. The repayment for both options would come from future cess collections. States were given seven working days to communicate their preferred option.
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