<h1>GST Council Clears Rs. 16,982 Crore Compensation, Lowers Rates, and Adopts Tribunal Report with Modifications.</h1> The 49th GST Council meeting, chaired by the Union Finance Minister, resolved several key issues. The Indian government will clear the pending GST compensation of Rs. 16,982 crore for June 2022 from its resources, to be recouped from future cess collections. The Council adopted the Group of Ministers' report on the GST Appellate Tribunal with modifications and approved recommendations on Capacity Based Taxation and Special Composition Scheme. GST rates for rab and pencil sharpeners were reduced. Measures to facilitate trade include extending deadlines for registration revocations, rationalizing late fees, and providing amnesty for past return filings. Additionally, the Council recommended changes to the place of supply rules for transportation services.