49th GST Council Meeting: FM announces tax cut on liquid jaggery, pencil sharpeners, and certain tracking devices

The finance minister Nirmala Sitharaman further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date.

Union Finance Minister Nirmala Sitharaman is chairing the 49th meeting of the GST Council - Image Source: Finance Ministry

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said.

Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board.

She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June.

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The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date.

Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.

Union Finance Minister Smt. @nsitharaman chairs the 49th meeting of the GST Council, in Vigyan Bhawan, New Delhi, today. (1/2) pic.twitter.com/7tc9znXeOH

— Ministry of Finance (@FinMinIndia) February 18, 2023

Also Read: GST on cement: FM Nirmala Sitharaman makes big statement

Here are the key highlights of the FM's press brief after the conclusion of the 49th GST Council Meeting today:

5:28 PM - FM Sitharaman: A decision was also taken to rationalise the late fee on late filing of annual returns or GSTR9 for small taxpayers with an annual turnover of up to Rs 20 crore.

5:26 PM - FM Sitharaman: Services provided by courts will be charged at Reverse Change Mechanism (RCM).

5:24 PM - FM Sitharaman: Rates on tax trackers have been cut to 12 percent from 18 percent but that is subject to conditions.

5:22 PM - FM Sitharaman: Pan Masala and Gutkha will now attract GST on a production basis.

Also Watch: Will GST On Millet Products Be Reduced From 18% To 5%? Know Details Here

5:20 PM - FM Sitharaman: Regarding tax on Millets to be considered in next GST council. The government in Budget has launched a 'Mission Millets'.

5:18 PM - FM Sitharaman: GST on pencil sharpeners reduced to 12 per cent from 18 per cent earlier.

5:15 PM - FM Sitharaman: We are reducing the GST rate on Raab - liquid jaggery - from 18 per cent to nil or 5 per cent. Nil if it is loose and 5 per cent if pre-packaged and labelled.

5:13 PM - FM Sitharaman: GST Council recommends rationalisation of penalties for late filing of annual GST Returns.

5:11 PM - FM Sitharaman: GST Council decides to reduce GST on liquid jaggery, pencil sharpeners, and certain tracking devices.

5:09 PM - FM Sitharaman: The Centre would clear the entire provisionally admissible compensation cess dues for 5 years as envisaged in the GST (Compensation to States) Act, 2017.

5:07 PM - FM Sitharaman: The GST compensation of Rs 16,982 crore will be disbursed to the states today.

5:02 PM - FM Sitharaman: Entire GST compensation cess dues will be cleared

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