The GST Council, the apex decision-making body on matters related to Goods and Services Tax (GST), on Saturday decided to cut GST rate on liquid jaggery, pencil sharpener and select tracking devices. After this announcement of the Council, the prices of these items may come down.
Union Finance Minister Nirmala Sitharaman gave this information after the 49th meeting of the GST Council was over. Along with this, he said that all the arrears of GST compensation including Rs 16,982 crore for June will be paid soon.
The minister further said that the GST Council has decided to rationalize the late fee on filing of annual GST returns after the due date.
He said that the report of the Group of Ministers (GoM) constituted under the chairmanship of Odisha Finance Minister Niranjan Pujari to check tax evasion in the Pan Masala and Gutkha industry was also discussed.
Apart from Sitharaman, finance ministers of states and union territories and various senior officials also attended the meeting.