Centre releases Rs. 17,000 crore (US$ 2.08 billion) of GST compensation to States/UTs
- Press Information Bureau
- November 28, 2022
On November 24, the Central Government released an amount of Rs. 17,000 crore (US$ 2.08 billion) to states/UTs towards the balance GST compensation for the period April-June, 2022. The total amount of compensation released to the States/UTs so far, including the aforementioned amount, is Rs. 115,662 crore (US$ 14.15 billion) for the fiscal year 2022-23.
This is despite the fact that total Cess collection until October 2022 is only Rs. 72,147 crore (US$ 8.83 billion), with the Centre releasing the remaining Rs. 43,515 crore (US$ 5.32 billion) from its own resources. With this release, the Centre has made available for payment of compensation to states the entire amount of Cess estimated to be collected this year until March 31.
Even in May of this year, the Central Government released Rs. 86,912 crore (US$ 10.6 billion) as provisional GST compensation to states for the period February-May 2022, despite the fact that the GST Compensation Fund had only about Rs. 25,000 crore (US$ 3.06 billion), by arranging funds of around Rs. 62,000 crore (US$ 7.58 billion) from its own resources.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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