GST Compensation: Nirmala’s big announcement at the GST Council meeting! States will get Rs 16,982 crore due today –

GST Compensation: Saturday was the 49th meeting of the GST Council. Union Finance Minister Nirmala Sitharaman was present in this meeting in Delhi that day. At the end of the meeting, the finance minister gave several important information while facing the journalists. Several important decisions were taken in today’s meeting. Nirmala Sitharaman informed that the GST dues of all states will be paid today. The finance minister said that a total of 16982 crore rupees will be given to the states under this.

Important decisions have also been taken, including taxes on multiple items. The GST Council has unanimously reduced GST on BAB (a type of liquid molasses) and pencil sharpeners and some tracking devices. This bean is actually a common thing in Uttar Pradesh and other jaggery producing states.

Finance Minister Nirmala Sitharaman said that it has been decided to reduce GST from 18 percent to zero on VAB. This GST is nil in case of open BAB. On the other hand, the amount of GST in case of packing bags is 5 percent. Which earlier was 18 percent in both cases.

Also, GST on pencil sharpeners has been reduced from 18 percent to 12 percent. It has also been decided to make the tag tracking devices fitted on containers subject to GST conditions. Also, Finance Minister Nirmala Sitharaman said that it has been decided to give a discount on the fines that are currently being paid in the case of GST returns.

(Details coming…)

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