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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 managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year. This decision has been taken despite the fact that only about Rs.25,000 crore is available in the GST Compensation Fund. The balance is being released by the Centre from its own resources pending collection of Cess.

Centre releases entire GST compensation due to states

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. 

Centre clears GST bill for states, all dues till May 31

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

GST&nbsp;latest news:&nbsp;The Modi&nbsp;Govt has&nbsp;released the entire amount of GST compensation payable to States up to 31st May, 2022 by releasing an amount of Rs.86,912 crores.&nbsp; 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&nbsp;released by the Centre from its own resources pending collection of Cess.
Also read/watch| <a title="GDP hits a year low in March quarter; FY22 growth at 8.7%" href="https://www.editorji.com/business-news/gdp-for-jan-march-at-1-year-low-4-1-fy-22-gdp-at-8-7-inline-with-estimates-1653998875226">GDP hits a year low in March quarter; FY22 growth at 8.7%</a> 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.&nbsp;

Despite India tries to pace up its vaccination rollout, India Ratings on Thursday cut its FY22 gross domestic product growth estimate for India to 9.4 per cent from 9.6 per cent, saying&nbsp;the aim of vaccinating the entire adult population by year-end would not be met.
"Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by December 31, 2021," it added further.&nbsp;
Muted wage growth, rise in health expenditure, and decline in household savings coupled with high consumer inflation are expected to weigh on consumption demand and hence, economic growth, it said.
The agency&rsquo;s estimate suggests that 5.2 million daily doses would have to be administered from August 18, 2021 to vaccinate more than 88 per cent of the adult population by year-end as well as to administer single doses to the rest by March 31, 2021.
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Slow vaccination pace hits growth outlook, India GDP estimate cut to 9.4%

Pick up vaccine pace if you want growth to pick up, that's the word from ratings agency India Ratings as cuts India's GDP&nbsp;forecast

Pick up Vaccine Pace if you want growth to pick up 

Vaccination pace too slow, India ratings lowers GDP forecast
'India won't be able to&nbsp;vaccinate entire population by year end'&nbsp;
Slow vaccination pace led to rise in health expenditure, muted wage growth&nbsp;
5.2 mn daily doses to be&nbsp;administered by year-end

India Ratings, has reduced the GDP forecast to below the RBI's target for the current financial year.&nbsp;

Even as India aims to ramp up the vaccination drive across. the subcontinent it may not be fast enough to support a big growth revival as per Fitch Ratings' India arm&nbsp;India Ratings. The domestic debt rating firm on Thursday cut its FY22 gross domestic product growth estimate for India to 9.4 per cent from 9.6 per cent, saying&nbsp;the aim of vaccinating the entire adult population by year-end would not be met.
"Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by December 31, 2021," it added further.&nbsp;
Muted wage growth, rise in health expenditure, and decline in household savings coupled with high consumer inflation are expected to weigh on consumption demand and hence, economic growth, it said.
The agency&rsquo;s estimate suggests that 5.2 million daily doses would have to be administered from August 18, 2021 to vaccinate more than 88 per cent of the adult population by year-end as well as to administer single doses to the rest by March 31, 2021. In the last two weeks, India has administered over 5.5 million doses daily, but this pace is unlikely to continue as many have raised concerns on vaccine availability as procurement numbers are not matching the doses required. India needs 188 crore&nbsp;doses to cover entire adult population. Taking in account for vaccine wastage the true requirement stands at over 200 crore&nbsp;doses. As per a Rajya&nbsp;Sabha&nbsp;response the govt currently has ordered only half that amount till the year end.&nbsp;
&nbsp;

The central bank kept it's promise of support and held rates unchanged but altered their growth outlook to reflect a weakening recovery.&nbsp;Reserve Bank of India has downgraded the GDP&nbsp;outlook for India for the current fiscal year from 10.5% to 9.5%. This downward revision follows a weaker than expected Q4 and subsequent lockdowns&nbsp;in most states in April-May period. The RBI&nbsp;Governor while announcing the policy however did underscore that the impact on economy in the second wave is muted as compared to the first wave as businesses have continued to adapt and keep economic funcions&nbsp;running.&nbsp;RBI&nbsp;though raised their core inflation outlook for the coming month did sound optimistic that a normal monsoon will keep food prices in check. The RBI&nbsp;governor however did sound off concerns on rising commodity prices globally whose impact is not being felt to the full extent due to weak domestic demand.&nbsp;

RBI downgrades GDP outlook, raises flag of concern on inflation

The central bank kept it's promise of support and held rates unchanged but altered their growth outlook to reflect a weakening recovery.&nbsp; Reserve Bank of India has downgraded the GDP&nbsp;outlook for India for the current fiscal year from 10.5% to 9.5%. This downward revision follows a weaker than expected Q4 and subsequent lockdowns&nbsp;in most states in April-May period. The RBI&nbsp;Governor while announcing the policy however did underscore that the impact on economy in the second wave is muted as compared to the first wave as businesses have continued to adapt and keep economic functions&nbsp;running.&nbsp; RBI&nbsp;though raised their core inflation outlook for the coming month did sound optimistic that a normal monsoon will keep food prices in check. The RBI&nbsp;governor however did sound off concerns on rising commodity prices globally whose impact is not being felt to the full extent due to weak domestic demand.&nbsp;

gdp downgrade

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