• 18 Feb 2023 06:09 PM
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49th GST Council Meet: Entire pending GST compensation will be cleared, says FM Nirmala Sitharaman

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The Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary, besides the finance ministers of states and Union Territories (with legislature) and senior officers from the Union government and states, attended the meeting

The Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary, besides the finance ministers of states and Union Territories (with legislature) and senior officers from the Union government and states, attended the meeting

At the last meeting, the GST Council had recommended decriminalising three different types of offences, including the tampering of material evidence. They pertain to obstructing or preventing any officers in the discharge of his duties, deliberate tampering of material evidence, and failure to supply information. Also, GST rates on pulses husk and knives were reduced from 5 per cent to nil.

The report of the Group of Ministers (GoM), headed by Odisha finance minister Niranjan Pujari, on checking tax evasion by pan masala and gutkha industry is also likely to be taken up for discussion, they said.

The GoM has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as president.

Entire GST compensation cess dues will be cleared today: FM Nirmala Sitharaman after GST Council meeting.

"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 16,982 crores for June - will be cleared," said Union FM Nirmala Sitharaman.

GST Council decides to reduce GST on liquid jaggery, pencil sharpeners, and certain tracking devices: FM Sitharaman.

GST on pencil sharpeners reduced to 12% from 18%

GST rates on Liquid Jaggery (RAB) from 18% to Nil or 5%. Nil if it is loose and 5% if it is prepackaged and labelled

GST Council decided to tax services supplied by courts and tribunals under the reverse charge mechanism, says FM

Reduction in GST on tags, tracking devices, or data loggers from 18% to Nil subject to some conditions

GST Council recommends rationalisation of penalties for late filing of annual GST Returns: FM Sitharaman.

GST exemptions for services by the National Testing Agency, by way of conduct of entrance examinations for admission to educational institutions

GST exemptions on coal rejects supplied by and to the washeries approved by Council: FM

GST council decision on GST Appellate Tribunal accepted with change in language. The modification in draft will be circulated in next 5-6 days.

FM expect to finalise the GoM report on GST tribunals with slight modifications so that it is ready by March 1 and we can include it in the finance bill