49th GST Council Was Held Today – Check Here to Know The Important Decisions Made!!!
The Goods and Service Tax is an alternative tax for VAT in India, which was implemented in India in 2017. From the implementation date, the GST council was gathered many times to make some changes to the existing plans. There are a total of 5 slabs in GST.
Today (18.02.2023) the 49th GST council was held. The Finance MinisterMrs.NirmalaSitharaman and other ministers attended the meeting and made some important changes regarding GST plans. After the meeting, The FM met the press and told that “All the pending GST compensation on cess as of today will be cleared”. The government will clear the GST compensation dues of Rs. 16,982 crores from its funds.
Finance Minister said that the GST council has reduced the GST on Liquid Jaggery, Pencil sharpeners, and certain tracking devices. The GST on liquid jaggery (loose) is reduced to nil from 18% and it if is packed the GST is 5%. GST for pencil sharpeners has been reduced to 12% from 18%. The GST council has also accepted the Group of Minister’s recommendations for capacity-based taxation on Paan masala and Gutka.