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Centre releases Rs.86,912 crores to states as GST compensation
With payment all dues to states cleared as 5 year compensation tenure ends

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Centre clears GST bill for states as 5 year compensation era ends

Name: Centre clears GST bill for states as 5 year compensation era ends
Uploaded: 2022-05-31T17:28:06.000+05:30
Duration: T00M43S
Channel: EJ Biz Desk
Description: GST latest news: The Government of India has released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores. This decision was taken to assist the States in mana...

Balance released by the Centre from its own resources pending collection of Cess.

Updated: Sep 02, 2022 10:53

EJ Biz Desk

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Centre clears GST bill for states as 5 year compensation era ends

GST latest news: The Modi Govt has released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores.

In a statement issued the govt said that the money has been released despite the fact that only about Rs.25,000 crore is available in the GST Compensation Fund. The excess Rs 60,000 cr is being released by the Centre from its own resources pending collection of Cess.

Also read/watch| GDP hits a year low in March quarter; FY22 growth at 8.7%

GST was introduced in the country w.e.f. 1 July, 2017 and the states were assured for compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. 2022 marks the end of the said 5 year tenure of compensation to states by the central govt.

Frequently Asked Questions

When was the GST introduced in India?❯

GST was introduced in India on 1 July, 2017.

What was the duration of the GST compensation period for states?❯

When does the 5-year compensation era for states under GST end?❯

How much GST compensation was released by the government to states up to 31st May, 2022?❯

What was the source of the remaining compensation amount when only Rs.25,000 crore was available in the GST Compensation Fund?❯

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Centre clears GST bill for states as 5 year compensation era ends

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