New Delhi: Union Finance Minister Nirmala Sitharaman on Saturday stated the whole pending dues for the GST compensation cess to the states might be cleared as of immediately.
“Until Might 31, now we have already cleared GST compensation,” the Finance Minister added.
Sitharaman stated the whole pending steadiness of the GST compensation cess — a complete of Rs 16,982 crore — might be cleared and “though this quantity will not be obtainable with the compensation fund as of immediately, now we have determined to launch from our personal sources and the identical quantity might be recouped from the longer term compensation cess assortment”.
We now have introduced immediately that the whole due on the pending steadiness of the GST compensation might be cleared as of immediately…In different phrases, the whole pending steadiness of the GST compensation – a complete of Rs 16,982 crores for June – might be cleared: Union FM Nirmala Sitharaman pic.twitter.com/JaGMVh63nW
— ANI (@ANI) February 18, 2023
Whereas talking throughout the press convention after the GST Council Assembly on Saturday, the Finance Minister stated, “With this launch, the Centre would clear the whole provisional admissible compensational cess dues for 5 years as envisaged within the GST Compensation to States Act, 2017.”
With this launch, the Centre would clear the whole provisionally admissible compensation cess dues for five years as envisaged within the GST (Compensation to States) Act, 2017: Union FM Nirmala Sitharaman pic.twitter.com/xMIkWBHZsb
— ANI (@ANI) February 18, 2023
As well as, the Finance Minister stated the Centre would clear the admissible ultimate compensation to these states, which have offered the income figures as licensed by the audit accountant basic of the states and that quantities to Rs 16,524 crore.
Whereas talking on the discount of GST charges, Sitharaman additionally stated, “We’re decreasing the merchandise on Raab — the type of liquid jaggery — to between nil to five per cent.” She stated if it’s unfastened it is going to be nil and if it’s prepackaged and labelled, it is going to be 5 per cent.
Raab is a type of liquid jaggery which is so typical to Uttar Pradesh & different jaggery-producing states. We’re decreasing the GST charge on Raab from 18% to nil or 5%. Nil whether it is unfastened. Whether it is pre-packaged and labelled, it is going to be 5%: Union FM Nirmala Sitharaman pic.twitter.com/eeQJ83tg0o
— ANI (@ANI) February 18, 2023
The GST charges on pencil sharpeners will come down from 18 per cent to 12 per cent.
GST on pencil sharpeners has come down from 18% to 12%. Additionally, there’s a discount in GST on tags monitoring gadgets or information loggers that are affixed on sturdy containers, from 18% to nil, topic to some situations: Union FM Nirmala Sitharaman pic.twitter.com/nd1I1EwQmv
— ANI (@ANI) February 18, 2023