GST: The government has allotted Rs. 17,000 crore for the remaining GST compensation for the months of April and June in the current fiscal year. According to official sources, states have received Rs 1,15,662 in total compensation, including Rs 17,000 in the years 2022–2023.
The Finance Ministry disclosed facts:
This is true even though the Center has issued the remaining Rs. 43,515 crore from its own funds, leaving a total tax collection of only Rs. 72,147 crore by the end of October 2022. These details were provided on Friday by the Finance Ministry. "With this, the Center has released in advance the entire amount of cess estimated to be received by the end of March this year to the states for payment of compensation," the ministry said in a statement.
States and UTs have received payments totaling Rs. 1.15 lakh crore so far this fiscal year:
The decision was made in order to support the states in resource management and guarantee that their initiatives, particularly capital expenditures, are successfully funded during the fiscal year. The announcement said that on November 24, 2022, the Central Government disbursed Rs 17,000 crore to the States and Union Territories as payment for the unpaid GST for the period of April to June 2022. According to the announcement, Rs 1,15,662 crore total has been released to the States/Union Territories so far in the current fiscal year, including this sum.
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The states have received Rs 17,000 crore from the central government as unpaid GST reimbursement. With this distribution, a total of Rs. 1.15 lakh crore has already been made available this fiscal year. To pay the states compensation, some goods are subject to a cess, which is put into a compensation fund.
On July 1, 2017, the nation imposed the Goods and Services Tax (GST). States were promised reimbursement for any revenue losses resulting from the introduction of the GST for a period of five years. According to the ministry, only Rs 72,147 crore in cess has been collected up to October 2022, and the remaining Rs 43,515 crore is being released by the Center from its own funds.
