Goods and Services Tax – GST Dated:- 14-9-2020 – News – New Delhi, Sep 14 (PTI) The GST collection during April-August declined on account of COVID-19 induced lockdown, and the compensation due to states stands at over ₹ 1.51 lakh crore, Minister of State for Finance Anurag Singh Thakur said on Monday. The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at ₹ 22,485 crore, followed by Karnataka (₹ 13,763 crore), Uttar Pradesh (₹ 11,742 crore), Gujarat (₹ 11,563 crore) and Tamil Nadu (₹ 11,269 crore). The compensation due to West Bengal stands at ₹ 7,750 crore, Kerala (₹ 7,077 crore), Punjab (₹ 6,959 crore), Delhi (₹ 6,93
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or Option 2 and accordingly, their compensation, borrowing, repayment etc will be dealt as per their individual choice, he added. In the current fiscal year, states are staring at a staggering ₹ 2.35 lakh crore Goods and Services Tax (GST) revenue shortfall. Of this, as per the Centre's calculation, about ₹ 97,000 crore is on account of GST implementation and the rest ₹ 1.38 lakh crore is due to the impact of COVID-19 on states' revenues. The Centre late last month gave two options to states to borrow either ₹ 97,000 crore from a special window facilitated by the RBI or ₹ 2.35 lakh crore from market and also proposed extending the compensation cess levied on luxury, demerit and sin goods
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