All GST compensation cess dues will be cleared news

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Entire GST compensation cess dues will be cleared, announces Nirmala Sitharaman

Business

Published on Feb 18, 2023 06:10 PM IST

"As of May 31, we cleared all the dues. There was something left in the name of dues for June. Even that is getting cleared," Nirmala Sitharaman said announcing the clearance of all GST dues to the tune of ₹16,982 crore.

Finance minister Nirmala Sitharaman addressing the press meet post the 49th GST Council meeting

Finance minister Nirmala Sitharaman on Saturday announced that the central government will clear the entire dues of the pending balance of the GST compensation, as decided at the 49th GST Council meeting. "As of May 31, we cleared all the dues. There was something left in the name of dues for June. Even that is getting cleared," Nirmala Sitharaman said announcing the clearance of all GST dues to the tune of ₹16,982 crore

The amount is not available in the compensation fund as of today, but it will be released from the government's own resources. The same amount will be recouped from the future compensation cess collection, Sitharaman said.

"With this, the centre would clear the entire provisionally admissable compensation cess, dues for 5 years as envisaged in the GST compensation to states Act 2017," the finance minister announced.

"In addition, the Centre would also clear the admissible final GST compensation to those states who have provided the revenue figures as certified by the Accountant General," the FM announced.

The GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, the finance minister said. Reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board.

Entire GST compensation cess dues will be cleared, announces Nirmala Sitharaman