Finance Minister Nirmala Sitharaman announced that states will get full amount of GST compensation
GST Council Meeting: 49th GST Council Meeting The first meeting of the GST Council took place after the presentation of the General Budget. Finance Minister Nirmala Sitharaman has made several announcements.
49th GST Council Meeting While presiding over the 49th meeting of the GST Council in New Delhi on Saturday, Union Finance Minister Nirmala Sitharaman announced that the GST rate of goods is being reduced. If loose raab is taken then it will attract 0% GST and if it is pre-packaged and labelled then it will attract 5% GST. There is good news for school students. Now pencil sharpeners will be sold cheaply. GST on pencil sharpeners has been reduced from 18 percent to 12 percent. Finance Minister Nirmala Sitharaman has also announced today that, the entire pending balance of GST compensation will be paid from today..in other words, the entire GST compensation dues - a total of Rs 16,982 crore for June will be paid. Coarse grains will be considered in the next meeting.
The Finance Minister said, millets will be considered in the next GST Council meeting, while cement has not yet been discussed in the committee.
In the 49th meeting of the GST Council, no consensus has been reached on the GST Appellate Tribunal. Suggestions from some states have been incorporated into this. Also, the tribunal matter was adjourned to the next meeting. The new draft will be sent to all members with new suggestions.
It has been agreed to levy GST tax on production as well. Pan Masala and Gutkha will now attract GST according to production. It was decided to implement capacity-based taxation.
Finance Minister Nirmala Sitharaman said that the decision to tax MUVs on the lines of SUVs has been postponed. The GST Council has also recommended the rationalization of late fees for delays in the filing of Annual Returns.