Union Finance Minister Nirmala Sitharaman on Saturday mentioned that the federal government will clear your entire due on the pending stability of the GST compensation of Rs 16,982 crores at present itself. The Finance Minister added that the due quantity will be cleared from the federal government’s pocket because the compensation fund would not have a adequate quantity.
“We have announced today that the entire due on the pending balance of the GST compensation will be cleared as of today… In other words, the entire pending balance of the GST compensation – a total of Rs 16,982 crores for June – will be cleared,” Sitharaman mentioned.
“Although this amount is not really available in the compensation fund as of today, we have decided to release this amount from our own resources and the same amount will be recouped from the future compensation cess collection,” the Finance Minister added.
“With this release, the Centre would clear the entire provisionally admissible compensation cess dues for 5 years as envisaged in the GST (Compensation to States) Act, 2017,” Sitharaman added.
In addition to this, the Finance Minister additionally introduced that the federal government is decreasing GST on Raab, a sort of liquid jaggery.
“Raab is a kind of liquid jaggery which is so typical to Uttar Pradesh & other jaggery-producing states. We are reducing the GST rate on Raab from 18% to nil or 5%. Nil if it is loose. If it is pre-packaged and labelled, it will be 5%,” she mentioned.
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