GST Council likely to approve two-year extension of compensation cess levy

The  GST Council  is likely to approve a two-year extension of compensation cess levy on goods and services to allow Centre to pay entire shortfall in GST tax collection by states expected till June 2022.  Sources in the government said that with 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the  GST compensation  needs of…