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GST: States will get compensation of Rs 16,982 crore, these things will be cheaper after the 49th council meeting

Pankaj Prasad
GST Council 49th meeting
GST Council 49th meeting

The Finance Minister said, GST rates have been cut on Raab (Liquid Jaggery) and pencils and sharpeners.

The 49th meeting of the GST Council was held at Vigyan Bhawan, Delhi. Finance Minister Nirmala Sitharaman participated in it. After the GST Council meeting, Finance Minister Nirmala Sitharaman said that we have announced today that the pending balance amount of GST compensation will be paid in full by today.

A total of Rs 16,982 crore will be approved for this. Union Finance Minister Nirmala Sitharaman gave this information after the GST Council meeting. However, this amount is not actually available in the Compensation Fund as on date.

Have done An equal amount will be received from future compensation cess collections. With this release, the Center will clear the arrears of the last five years of the amount of Cess envisaged under the GST (Compensation to States) Act. 

GST rates have been cut on Raab (liquid jaggery) and pencils and sharpeners. The Finance Minister said, the outstanding compensation has been released to all the states. The Center released Rs 16,982 crore to the states. Along with this, the recommendations of the GoM on Pan Masala, Gutkha have been approved. It has been decided to implement capacity based taxation on them. It has been recommended to implement strict compliance on these. The report on GST Appellate Tribunal has been accepted. Its definition will be changed at the behest of the states. The recommendations of the GoM on Gutkha have been accepted. It has been decided to implement capacity based taxation on them. It has been recommended to implement strict compliance on these. The report on GST Appellate Tribunal has been accepted. Its definition will be changed at the behest of the states. 

GST has been reduced to zero

GST on loose liquid jaggery has been reduced from 18 per cent to nil. That means there will be no tax on it. At the same time, the rate of GST on packaged liquid jaggery has been reduced from 18% to 5%. GST rates on pencils and sharpeners have been reduced from 18% to 12%. At the same time, the rate of GST on packaged liquid jaggery has been reduced from 18% to 5%. GST rates on pencils and sharpeners have been reduced from 18% to 12%. At the same time, the rate of GST on packaged liquid jaggery has been reduced from 18% to 5%. GST rates on pencils and sharpeners have been reduced from 18% to 12%.

Sitharaman said today's GOM report on online gaming could not be taken up in the meeting as the Group of Ministers is headed by Meghalaya Chief Minister Conrad Sangma and he could not attend the GST Council meeting due to elections in the state.

But the decision to impose tax has been postponed for the time being. The GST Council has also recommended rationalization of late fee for delay in filing of Annual Returns.

Late fee on Form No. 4, 9 and 10 has been reduced. Such relief was earlier given for GSTR 1 and 3 which are monthly returns. Now the late fee has been reduced on these three forms as well.