Addressing the media, the FM said, "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."

She added the government would release this amount from their own resources and the same amount will be recouped from the future compensation cess collection.

ALSO READ: GST Council meet: Entire pending GST compensation will be cleared, says FM Sitharaman

Here's what she said:

1) The entire pending balance of GST compensation which is ₹16,982 Cr for June will be cleared today.

2) GST Council decided to tax services supplied by courts and tribunals under the reverse charge mechanism.

3) GST rates on liquid jaggery (RAB) has been reduced from 18% to NIL or 5%, NIL if it is loose and 5% if it is prepackaged and labelled.

4) GST on pencil and sharpeners has come down from 18 to 12%.

5) Reduction in GST on tags, tracking devices, or data loggers from 18% to NIL subject to some conditions.

6) GST exemptions on coal rejects.

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

8) Rationalisation of late fee for delayed filing annual returns particularly for GST form 9 from year 2023 onwards, the FM reduced such late fee for smaller taxpayers who have an annual turnover of up to ₹20 crore.

10 ) GST Appellate Tribunal accepted with change in language and the modification in draft will be circulated in next 5-6 days.

Among others, the FM said expected to finalise the GoM report on GST tribunals with slight modifications so that it is ready by 1 March, that can be included in the finance bill.