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Centre released Rs 15,340 crore as GST compensation for 2020-21: Sources.


Date: 21-05-2020
Subject: Centre released Rs 15,340 crore as GST compensation for 2020-21: Sources
The central government has released Rs 15,340 crore to states and union territories (UTs) in the current fiscal year 2020-21 as Goods and Services Tax (GST) compensation, despite an almost insignificant collection due to relief provided in terms of filing of return and payment of taxes owing to lockdown.

"Earlier, in the FY 2019-20, the central government had released Rs 120,498 crore GST compensation to states and UTs while it had collected only about Rs 95,000 crore in the form of compensation cess," government sources said.

In FY 2017-18 a total GST compensation cess of Rs 62,611 crore was collected, out of which a sum of Rs 41,146 crore was released to the states and UTs as GST compensation.

In the FY 2018-19, Rs 95,081 crore was collected as GST compensation cess, out of which Rs 69,275 crore was released to the states and UTs as GST compensation.

According to government sources, as per the releases of the finance ministry, as on 31st March 2019 Rs 47,271 crore GST compensation cess was collected had remained unutilized after the release of GST compensation to the states and UTs in the FYs 2017-18 and 2018-19.

Since the last release of GST compensation cess to the states and UTs made in February 2020 of Rs 19,950 crore for the months of October and November,, the Centre released a total of Rs 120,498 crore for FY 2019-20.

"Thereby, compensation till the bimonthly period of Oct-Nov, 2019 has been paid for all states and no state has been paid compensation for any period beyond that without any discrimination between states," sources said.

Source:- moneycontrol.com

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