After a meeting of GST Council that set GST rates, Finance Minister Nirmala Sitharaman has stated that the Central Government will clear the entire goods and services tax compensation dues of Rs 16,982 crores from its own kitty.
Government will clear entire GST dues
“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 ₹ 16,982 crore – will be cleared,”
She further stated,
“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,”
Ms Sitharaman has revealed that payment released will clear the compensation dues for five years.
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