The announcements were made after the 49th meeting of the GST Council on Saturday.
The GST Council meet held on Saturday in New Delhi decided to reduce the Goods and Service Tax on a few items. Other announcements by Union Finance Minister Nirmala Sitharaman included clearing of entire GST dues and a big statement on curbing tax evasion in pan masala industry.
Here are all the top announcements from the 49th meeting of the GST Council:
– GST has been reduced on pencil sharpeners from 18% to 12%.
– GST relief has also been given on ‘raab’, which is a kind of liquid jaggery typical to Uttar Pradesh and other jaggery-producing states. GST on ‘raab’ has been reduced from 18% to 1) nil on loose, 2) 5% on pre-packaged and labelled ‘raab’.
– GST has also been reduced from 18% to nil (subject to some conditions) on tags tracking devices or data loggers which are affixed on durable containers.
– The GST council has decided to rationalise the late fees levied when annual GST returns are filed after the due date has passed.
– Entire pending balance of GST compensation, including Rs 16,982 crore for June, will be cleared. FM said that although this amount is not really available in the compensation fund as of today, the government had decided to release it from its own resources. The same will be recouped from future compensation cess collection.
– FM also informed that the GoM (Group of Ministers) reports on setting up Goods and Services Tax Appellate Tribunals (GSTATs) and curbing tax evasion by pan masala and gutkha industry have been taken on board.
Source: https://www.dnaindia.com/personal-finance/report-gst-council-meet-top-announcements-goods-and-service-tax-reduced-on-3024619
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