Finance Minister Nirmala Sitharaman said that the entire due on the pending balance of the GST compensation will be cleared as of today. She said that a total of Rs 16,982 crores for June will be cleared.
“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 Rs 16,982 crores for June – will be cleared,” Union FM Nirmala Sitharaman in a media briefing on the outcomes of the 49th GST Council meeting.
Union Finance Minister Nirmala Sitharaman chaired the 49th meeting of the GST Council. The meeting was also attended by Minister of State Pankaj Chaudhary, Finance Ministers of States and UTs, and senior officers of the government.
Sitharaman during the media briefing on the outcomes of the 49th GST Council meeting said, “Although this amount is not really available in the compensation fund as of today, we have decided to release this amount from our own resources and the same amount will be recouped from the future compensation cess collection.”
With this release, the Centre would clear the entire provisionally admissible compensation cess dues for 5 years as envisaged in the GST (Compensation to States) Act, 2017, Nirmala Sitharaman said.
