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Centre releases Rs 17,000 crore to states as GST compensation

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As per the decision of GST Council, back-to-back loan of Rs 1.59 lakh crore has already been released in lieu of shortfall in release of GST compensation during the current financial year.As per the choice of GST Council, back-to-back mortgage of Rs 1.59 lakh crore has already been launched in lieu of shortfall in launch of GST compensation throughout the present monetary yr.

The central authorities has launched items and repair tax (GST) compensation of Rs 17,000 crore to states on Wednesday out of the designated cess kitty, taking the full quantity of compensation launched to the states underneath this mechanism thus far in FY22 to Rs 60,000 crore.

As per the choice of GST Council, back-to-back mortgage of Rs 1.59 lakh crore has already been launched in lieu of shortfall in launch of GST compensation throughout the present monetary yr.

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The quantity of Rs 1.59 lakh crore supplied to states this fiscal as back-to-back loans was could be over and above the compensation of Rs 1 lakh crore based mostly on cess assortment to be launched to states throughout FY22.

“The sum whole of Rs 2.59 lakh crore is predicted to exceed the quantity of GST compensation accruing in FY 2021-22,” the finance ministry had mentioned in a press release lately.

If the shortfall is lower than the estimated Rs 2.59 lakh crore, a portion of the earlier yr’s arrears could be cleared in FY22.

Whereas the quantity borrowed underneath the RBI-enabled mechanism final yr was Rs 1.1 lakh crore, the Centre had acknowledged in Parliament that an quantity of Rs 81,179 crore was but to be launched to the state governments in direction of absolutely compensating them for his or her GST income shortfall for FY21.

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