Should GST compensation be extended beyond 2022?

The 43rd GST council took place on May 28 under the shadow of the COVID-19 second wave. As expected, the issue of compensation to states was a key issue of discussion apart from changes in GST rates on supply of goods and services, and changes related to GST law and procedure. As we know, states agreed to join the new tax regime provided they were compensated for any revenue loss in the first five…