The compensation requirements have increased significantly and are unlikely to be met from the compensation cess being collected, it said.
The Council has sought suggestions, inputs or proposals as regards measures, on compliance as well as rates which would help in augmenting revenue.
"Specific suggestions may please be provided on following review of items currently under exemptions, GST and compensation cess rates on various items, rate calibrations for addressing the inverted duty structure, compliance measures other than those currently under implementation and any other measure to augment revenue," it said.
The suggestions made will be placed before the committee for urgent examination, it said.
The GST Council is headed by Finance Minister Nirmala Sitharaman.
Last month, opposition-ruled states expressed concern over delay in release of GST compensation which has put them in an acute financial position.
In a joint statement here, the finance ministers of Delhi, West Bengal, Punjab, Rajasthan and Kerala said they are facing two months' delay in payment of GST compensation by the Centre. States have not received GST compensation since August.
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