New Delhi, Jun 12 (KNN) The Goods and Services (GST) council is set to meet today for the first time after the nationwide lockdown and is expected to discuss the impact of the COVID-19 pandemic on tax revenues.

''Finance Minister Smt. @nsitharaman will chair the 40th GST Council meeting via video conferencing at 11 AM in New Delhi today. The meeting will be attended by MOS Shri. @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States,'' tweeted Finance Ministry on Friday.

Despite the government announcing several relief measures for different sectors, the coronavirus outbreak which has claimed several lives, has brought the economy to a standstill.

The 40th meeting of the GST Council will be headed by Finance Minister Nirmala Sitharaman via video conferencing.

Reportedly, the meeting will see discussion on the impact of the pandemic on revenues of the Centre and states and ways to bridge the revenue gap. In addition to this, the Council will also discuss ways to garner funds to compensate states for the revenue loss due to Goods and Services Tax (GST) implementation.

Waiver of late fees for non-filing of GST returns for the period August 2017 to January 2020 can also be discussed in the meeting.