GST Compensation Owed To States Will Be Released Immediately: Nirmala Sitharaman
Delhi/Hyderabad, Feb 18 (Maxim News) Union Minister for Finance, Nirmala Sitharaman has announced to release of the GST compensation owed to the states immediately.
This announcement has come in the 49th GST Council meeting, the Union Finance Minister said that Rs. 16,982 crores are pending for June. He clarified that although there is no such amount in the compensation fund at present, it has been decided to pay the amount from the Centre’s own funds. Nirmala Sitharaman announced that the funds will be adjusted from the cess collected in the future. With the latest decision, the amount owed to the states for the last five years under the GST Act 2017 will be cleared, he said.
In today’s meeting, Nirmala Sitharaman announced that the existing 18 percent GST on pencils and sharpeners will be reduced to 12 percent. She said that the existing 18 percent tax on tags used for durable containers and tracking devices will be completely abolished.
Telangana Finance Minister T. Harish Rao has not attended the meeting, while the AP Finance Minister Buggana attended the 49th GST Council meeting chaired by Union Minister Nirmala Sitharaman. (Maxim News)
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