Status Note on GST compensation released to States/UTs
GST
Dated:- 28-4-2022
Status Note on GST compensation released to States/UTs
₹ 2.78 lakh crore of compensation released to States for the year 2020-21 itself ; nothing is pending for the year
Centre released ₹ 7.35 lakh crore and compensation of ₹78,704 crore pending only for the year 2021-22
At the time of introduction of GST, the Constitution amendment provided that the Parliament, by law shall provide compensation to States for a period of five years for loss of revenue due to introduction of GST. Accordingly, the GST Compensation to States Act was legislated which provides for release of compensation against 14% year-on-year growth over revenues in
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
akh crore in 2020-21 and ₹ 1.59 lakh crore in 2021-22 and passed it on to States on a back-to-back basis. During 2021-22, Centre ensured that release of this amount of ₹ 1.59 lakh crore was front loaded to ensure that States have adequate resources in the earlier part of the year.
Taking into account this loan, ₹ 2.78 lakh crore of compensation has been released to States for the year 2020-21 itself and nothing is pending for the year. Including the assistance released on back-to-back basis, ₹ 7.35 lakh crore has been released to States till now and, currently, only for the year 2021-22, compensation of ₹78,704 crore is pending due to inadequate balance in the fund, which is equivalent to compensation of four
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =