GST Compensation: Center released 17,000 crores for the states, what is the government’s plan?

GST compensation to states: On Wednesday, the Center has released Rs 17,000 crore to the states under the GST compensation head for the compensation of revenue. Along with this, a total compensation amount of Rs 60,000 crore has been released to the States/Union Territories during 2021-22, the Finance Ministry said in a statement. According to the decision of the Goods and Services Tax (GST) Council, a loan of Rs 1.59 lakh crore has already been released to the states in lieu of shortfall in the release of GST compensation during the current financial year.

Estimated reduction in the amount given to the state
The Center has estimated a shortfall of Rs 2.59 lakh crore in the GST compensation to the states in the current financial year. Out of this, about Rs 1.59 lakh crore will have to be borrowed this year.

Will earn 1 lakh crore
The Center expects to collect more than one lakh crore rupees by way of tax on luxuries and items harmful from the point of view of society. It will be given to the states to compensate for the shortfall in revenue due to the implementation of the Goods and Services Tax (GST).

Know what is the opinion of experts
According to experts, tax collections are expected to exceed the target set in the budget as collections have improved with the revival of the economy. The GST collection in October rose to Rs 1.30 lakh crore, the second highest amount since the implementation of the GST regime in July 2017. Earlier in April 2021, the highest GST collection of Rs 1.41 lakh crore was done.

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