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- Published: February 18, 2023 18:41
New Delhi: Union Finance Minister Nirmala Sitharaman on Saturday said the entire pending dues for the GST compensation cess to the states will be cleared as of today.
“Till May 31, we have already cleared GST compensation,” 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”.
We have announced today that the entire due on the pending balance of the GST compensation will be cleared as of today…In other words, the entire pending balance of the GST compensation – a total of Rs 16,982 crores for June – will be cleared: Union FM Nirmala Sitharaman pic.twitter.com/JaGMVh63nW
— ANI (@ANI) February 18, 2023
While speaking during the press conference after the GST Council Meeting on Saturday, the Finance Minister said, “With this release, the Centre would clear the entire provisional admissible compensational cess dues for five years as envisaged in the GST Compensation to States Act, 2017.”
With this release, the Centre would clear the entire provisionally admissible compensation cess dues for 5 years as envisaged in the GST (Compensation to States) Act, 2017: Union FM Nirmala Sitharaman pic.twitter.com/xMIkWBHZsb
— ANI (@ANI) February 18, 2023
In addition, the Finance Minister said the Centre would clear the admissible final compensation to those states, which have provided the revenue figures as certified by the audit accountant general of the states and that amounts to Rs 16,524 crore.
While speaking on the reduction of GST rates, Sitharaman also said, “We are reducing the item on Raab — the kind of liquid jaggery — to between nil to 5 per cent.” She said if it’s loose it will be nil and if it’s prepackaged and labelled, it will be 5 per cent.
Raab is a kind of liquid jaggery which is so typical to Uttar Pradesh & other jaggery-producing states. We are reducing the GST rate on Raab from 18% to nil or 5%. Nil if it is loose. If it is pre-packaged and labelled, it will be 5%: Union FM Nirmala Sitharaman pic.twitter.com/eeQJ83tg0o
— ANI (@ANI) February 18, 2023
The GST rates 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%. Also, there is a reduction in GST on tags tracking devices or data loggers which are affixed on durable containers, from 18% to nil, subject to some conditions: Union FM Nirmala Sitharaman pic.twitter.com/nd1I1EwQmv
— ANI (@ANI) February 18, 2023
