Pending GST compensation: Union Finance Minister Nirmala Sitharaman said on Saturday that all outstanding GST compensation cess payments to states will be made today.
“We have already cleared GST compensation until May 31,” the Finance Minister added. Sitharaman said the entire pending balance of the GST compensation cess — a total of Rs 16,982 crore — will be cleared and “although this amount is not available with the compensation fund as of today, we have decided to release from our own resources and the same amount will be recouped from the future compensation cess collection”.
The Finance Minister stated during a news conference following the GST Council Meeting on Saturday, “With this release, the Centre would clear the total provisional permissible compensational cess dues for five years as contemplated in the GST Compensation to States Act, 2017.”
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Furthermore, the Finance Minister stated that the Centre would clear the permissible final compensation to those states that have supplied revenue data approved by the states’ audit accountant general, which amounts to Rs 16,524 crore.
In addition to lowering GST rates, Sitharaman stated, “We are cutting the item on Raab — the type of liquid jaggery — to between nil and 5%.” She stated that if it is loose, it will be nil, and if it is prepackaged and labelled, it will be 5%.
The GST rate on pencil sharpeners would be reduced from 18% to 12%.
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