Centre Clears Entire GST Compensation Due Till Date (31ST MAY, 2022)
GST
Dated:- 31-5-2022
The Government of India has released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores. This decision was taken to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year. This decision has been taken despite the fact that only about Rs.25,000 crore is available in the GST Compensation Fund. The balance is being released by the Centre from its own resources pending collection of Cess.
Goods and Services Tax was introduced in the country w.e.f. 1st July,
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
between protected revenue and the actual revenue receipt including reduction in cess collection.
In order to meet the resource gap of the States due to short release of compensation, Centre has borrowed and released Rs.1.1 lakh crore in 2020-21 and Rs.1.59 lakh crore in 2021-22 as back-to-back loan to meet a part of the shortfall in cess collection. All the States have agreed to the above decision. In addition, Centre has also been releasing regular GST compensation from the Fund to meet the shortfall.
With the concerted efforts by Centre and States, gross monthly GST collection including Cess has been showing a remarkable progress. The details of GST compensation payable for the past financial years and for the period of April-May of the
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =