Govt Schemes

Nirmala Sitharaman Makes a Historical Decision That Will Change the Lives of Common Man!!

GST Council Meet

GST Council Meet: At a meeting of the body that determines GST rates, Finance Minister Nirmala Sitharaman declared that the government would pay the entire 16,982 crore compensation debt out of its funds today.

“We have stated that the entire balance owed on the outstanding GST compensation will be paid as of today. To put it another way, all of the GST compensation’s outstanding amount, or a total of 16,982 crores, will be paid “said Ms. Sitharaman.

Nirmala Sitharaman: GST Council Meet

GST Council Meet: Senior officials from the Union Government and the states, as well as the finance ministers of the states and UTs (with the legislature), attended the meeting. According to the finance minister, the GST Council would lower the tax rate on some tracking gadgets, pencil sharpeners, and liquid jaggery.

The Centre may impose a cess that will be paid to the states to make up for money lost since July 1, 2017, when the GST went into effect, by the Goods and Services Tax (Compensation to States) Act 2017. For numerous states, the move to the GST resulted in a significant loss of revenue, for which they must be made up over five years beginning in July 2017.

Here’s a chart that shows the changes made after the revised GST rates:

GST Council Meet

Also Read: Mahashivratri: See Where Lord Shiva Got Married and More Such Interesting Facts About Him!!

GST Council Meet: Other important decisions made during the meeting:

  • The Minister of Council has decided to justify the late fees on delayed annual returns filings for small taxpayers with an annual turnover of up to Rs 20 crore.
  • The officials have announced to update on the changes in language for which a draft will be circulated to the members.
  • Coal rejects will be preferred for GST immunity.
  • GST will also be exempted for services like online examinations that are conducted by National Testing Agency.
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