GST Council Likely to End Compensation Cess by October 31, Ahead of Deadline

The GST Council is likely to end the "compensation cess" by October 31, ahead of the deadline. The move, which is a significant step towards a more user-friendly and less intrusive tax environment, is aimed at simplifying the tax structure and reducing the tax burden on essential goods. The move is expected to have a significant impact on various sectors. The GST Council is also considering a new system that would allow taxpayers to file a single refund application for multiple tax periods, which would not only simplify the process but also reduce the time it takes for refunds to be processed.