BREAKING: All pending GST compensation dues will be cleared as per Finance Minister Nirmala Sitharaman's announcement post the 49th GST Council Meeting today
Addressing the media post the 49th GST Council meeting, Finance Minister Nirmala Sitharaman has said that all the pending GST compensation dues will be cleared. The announcement comes just a few hours after several stakeholders raised points regarding the GST compensation dues.
As per media reports, Finance Minister Sitharaman also said that the government will clear the entire pending balance of the GST compensation. This means that the amount that totals to Rs 16,982 crores for June, will be cleared. In a press briefing, Sitharaman said, "We have announced today that the entire due on the pending balance of the GST compensation will be cleared as of today..."
Clarifying the same, FM Sitharaman also said that even though the amount is not available in the compensation fund as of today, it will be cleared. For this, the government would reportedly release the amount from their own resources and the same amount will then be recouped for future compensation cess collection, as per the plan.
Apart from this announcement, in the 49th GST Council meeting, it has also been decided to reduce the GST rate on some items like liquid jaggery, pencil sharpeners and so on.
In addition to this, as per The Hindu, the GST Council also reached a broad concensus on setting up a GST Appellate Tribunal.
Disclaimer: This is a developing story. Please check back for more details