The entire pending balance of the GST compensation, including Rs 16,982 crore for the month of June, will be cleared, Finance Minister Nirmala Sitharaman said on Saturday.
By India Today Web Desk: The central government will clear the entire due on the pending balance of the GST compensation, including Rs 16,982 crore for the month of June, which will be cleared as of Saturday, Union Finance Minister Nirmala Sitharaman announced.
Nirmala Sitharaman pointed out that the amount was not readily available in the compensation fund but the Union government decided to release it from its own resources.
“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,” Nirmala Sitharaman said.
The Union minister said that 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.
The announcement came after the 49th meeting of the GST Council on Saturday, chaired by Union Finance Minister Nirmala Sitharaman.