GST compensation to be cleared: Sitharaman

Union Finance Minister Nirmala Sitharaman at a press conference after the 49th GST Council meeting, in New Delhi on Saturday. PIC/PTI

Union Finance Minister Nirmala Sitharaman on Saturday said the entire pending dues for the GST compensation cess to the states will be cleared as of today. "Till May 31, we have already cleared GST compensation," the Finance Minister added.

Sitharaman said the entire pending balance of the GST compensation cess - a total of Rs 16,982 crore - will be cleared and "although this amount is not available with the compensation fund as of today, we have decided to release from our own resources and the same amount will be recouped from the future compensation cess collection".

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While speaking during the press conference after the GST Council Meeting, she said, "With this release, the Centre would clear the entire provisional admissible compensational cess dues for five years as envisaged in the GST Compensation to States Act, 2017."

In addition, the Finance Minister said the Centre would clear the admissible final compensation to those states, which have provided the revenue figures as certified by the audit accountant general of the states and that amounts to Rs 16,524 crore. She said that the GST Council adopted the report of the Group of Ministers on GST Appellate Tribunal with certain modifications.

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