Goods and Services Tax – GST Dated:- 19-7-2021 – News – The Government has paid all the GST Compensation dues to the States the financial years 2020-21 and 2021-22. This was stated by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in the Lok Sabha today. The Minister stated that the GST compensation cess levied under Section 8 of the GST (Compensation to States) Act, 2017 is transferred into a non-lapsable Fund known as GST Compensation Fund which forms part of the Public Account of India as provided in Section 10(1) of the act. The States are being compensated for any loss of revenue arising on account of implementation of GST for five years out of the Compensation Fund as per Section 10(2
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f GST Compensation to States on account of loss of revenue due to implementation of GST as per GST (Compensation to States) Act, 2017 and in addition the general request from the States are like revision of FRBM limit, additional fund for procurement of medical equipment and increasing the devolution grant etc. Central Government has considered various such requests and is committed to provide all possible assistance to States. The Minister stated that the issue of GST Compensation to States has been deliberated in the 41 st and 42 nd GST Council meetings and accordingly, FY 20-21, the Centre had borrowed ₹ 1.1 lakh crore under a special window and passed on to the States as back-to-back loan to help the States meet the resourc
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bled details of gross GST collection (SGST+CGST+IGST+GST Compensation Cess) pre- settlement since March 2020, month-wise, as under: Month Gross GST Collection (in Rs. Crore) 2019-20 2020-21 2021-22 April 32172 139708 May 62151 102709 June 90918 92849 July 87422 August 86449
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