Last Updated: February 18, 2023, 17:23 IST
Union Finance Minister Nirmala Sitharaman chairs the forty ninth assembly of the GST Council, at Vigyan Bhawan, New Delhi, on Saturday. (Photo: Finance Ministry)
GST Council agrees to scale back the GST charge on pencil sharpeners from 18 per cent to 12 per cent; it has additionally determined to scale back GST charge on liquid jaggery from 18 per cent to nil or 5 per cent
The GST Council, which is headed by the Union Finance Minister Nirmala Sitharaman and includes representatives of all states and UTs, took a number of choices in its forty ninth assembly on Saturday. The Council agreed to scale back the GST charge on pencil sharpeners from 18 per cent to 12 per cent. It has additionally determined to cut back GST charge on liquid jaggery from 18 per cent to nil or 5 per cent.
It has additionally rationalised the late charges on annual returns. Late price for annual return as much as 5 crore has been fastened at Rs 25 per day, topic to an most quantity of 0.02 per cent of his turnover. For taxpayers having turnover of Rs 5 crore to Rs 20 crore, the late price could be Rs 50 per day.
During the assembly, the finance minister mentioned establishing appellate tribunals and curbing tax evasion in pan masala and gutkha companies. On the appellate tribunals, Sitharaman stated the GoM report has been agreed to and slight modifications are required within the report.
Announcing the GST Council choices, Sitharaman stated, “We have introduced at the moment that the complete due on the pending steadiness of the GST compensation will likely be cleared as of at the moment… In different phrases, the complete pending steadiness of the GST compensation – a complete of Rs 16,982 crores for June – will likely be cleared.”
(With Inputs From Agencies)
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