https://www.taxtmi.com/circulars?id=65141 The Council approved Minute corrections from the 39th meeting; reviewed GST revenue, compensation cess and the unapportioned 2017-18 IGST balance, explaining a four-leg reversal and apportionment process and a May 2020 zero-cash transfer of Rs. 33,412 crore to the Compensation Fund with remaining settlements to be addressed by a GoM. TRU-II proposals to amend Rule 7 CGST for composition rates, notify Finance Act provisions extending Removal of Difficulty powers, and extend revocation-of-registration filing to 30.09.2020 were endorsed. For small taxpayers (turnover up to Rs.5 crore) interest was reduced to 9% (excluding lockdown period) until September 2020, subject to review. en-us Fri, 12 Jun 2020 00:00:00 +0530 Wed, 11 Feb 2026 15:59:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65141 The Council approved Minute corrections from the 39th meeting; reviewed GST revenue, compensation cess and the unapportioned 2017-18 IGST balance, explaining a four-leg reversal and apportionment process and a May 2020 zero-cash transfer of Rs. 33,412 crore to the Compensation Fund with remaining settlements to be addressed by a GoM. TRU-II proposals to amend Rule 7 CGST for composition rates, notify Finance Act provisions extending Removal of Difficulty powers, and extend revocation-of-registration filing to 30.09.2020 were endorsed. For small taxpayers (turnover up to Rs.5 crore) interest was reduced to 9% (excluding lockdown period) until September 2020, subject to review. Circulars GST Fri, 12 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65141