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GST CompensationTo compensate for the loss caused to the states due to the reduction in GST collection during the Corona period, the Central Government has released a goods and services tax (GST) compensation fund of Rs 17,000 crore to the states. In this financial year 2021-22, the central government has so far released a total compensation amount of Rs 60,000 crore to the states. The maximum amount released today is Rs 3053 crore to Maharashtra, Rs 1602 crore to Karnataka, Rs 1428 crore to Gujarat, Rs 1155 crore to Delhi and Rs 1417 crore to Uttar Pradesh.
Rs 1.59 crore loan to states
According to the decision taken by the GST Council, a loan of Rs 1.59 lakh crore has also been released to the states to compensate for the shortfall in GST collection. Issuing a statement, the Finance Ministry said that only last week, a loan of Rs 44,000 crore has been released to the states in lieu of GST compensation. The amount of loan that was to be given to the states as GST compensation this year has now been completed.
In the month of July, the government gave Rs 75,000 crore and Rs 40,000 crore earlier this month. In fact, due to the reduction in the GST collection of the states during Corona, there was a bad effect on the revenue collection of the states, to compensate for which it has been decided to provide loans to the states. The Central Government has so far released Rs 2.69 lakh crore in lieu of GST compensation in 2020-21 and 2021-22 to the states to run their expenditure.
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