Compensation cess was initially brought in for 5 years to make good the revenue shortfall of states following implementation of the Goods and Services Tax (GST).
Briefing after the 52nd GST council meeting, Finance Minister Nirmala Sitharaman said the reduction in GST on molasses will benefit sugarcane farmers and enable their dues to be cleared faster because more money will be left in the hands of the mills.
Finance Minister Nirmala Sitharaman will chair the 52nd Goods and Services Tax (GST) Council meeting in New Delhi. The meeting will be attended by Union Minister of State for Finance, MP Poonia, along with finance ministers from various states and union territories. The council discusses matters related to the GST regime, including tax rates and administrative issues.