"As of May 31, we paid off all debts. There was still anything owed for the June dues. Even that is clearing up "Nirmala Sitharaman declared that all GST debts totaling $16,982 crore had been paid in full.
GST dues to the tune of ₹16,982 crore.
According to the decision made at the 49th GST Council meeting, the central government will pay the total outstanding balance of the GST compensation, the finance minister Nirmala Sitharaman declared on Saturday. "As of May 31, we paid off all debts. There was still anything owed for the June dues. Even that is clearing up "Nirmala Sitharaman declared that all GST debts totaling $16,982 crore had been paid in full.
That amounts to ₹16,524 crore," the FM announced.
The money will be released from the government's own funds even though it is now not available in the compensation fund. According to Sitharaman, the same sum will be recovered from subsequent compensation cess collections.
According to the GST Compensation to States Act of 2017, "with this, the centre would clear the full provisionally admissible compensation cess, dues for 5 years," said the finance minister.
Additionally, the FM stated, "The Centre would also clear the permissible final GST compensation to those states who have supplied the revenue data as certified by the audit accountant general of the states, and that amounts to 16,524 crore."
Goods and Services Tax Appellate Tribunals (GSTATs)
According to the finance minister, the GST Council decreased the Goods and Service Tax on liquid jaggery, pencil sharpeners, and some tracking devices on Saturday. The GoM's reports on preventing tax evasion by the pan masala and gutkha industries as well as on the Goods and Services Tax Appellate Tribunals (GSTATs) have been taken into consideration.
Jai Jaiswal
Saturday, 18 February 2023
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