Highlights

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.

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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.