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

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The Centre on Wednesday released Rs 17,000 crore as GST compensation to states to meet the shortfall in their revenue.


With this, the total amount of compensation released to the states/UTs during 2021-22 so far is Rs 60,000 crore, the Finance Ministry said in a statement.





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 the release of GST compensation during the current financial year.


The Centre has estimated the shortfall in GST compensation payable to the states in the current fiscal at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed this year.


The Centre expects to collect over Rs 1 lakh crore through cess on luxury, demerit and sin goods, which will be given to the states to compensate them for the shortfall in revenue arising out of the Goods and Services Tax (GST) implementation.


Tax collection is expected to exceed the target set in the Budget as collections have improved with the revival of the economy, according to experts.


GST collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021.


This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The mop-up from GST was Rs 1.17 lakh crore in September 2021. Tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020, and up 36 per cent over 2019-20.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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The Centre on Wednesday released Rs 17,000 crore as GST compensation to states to meet the shortfall in their revenue.


With this, the total amount of compensation released to the states/UTs during 2021-22 so far is Rs 60,000 crore, the Finance Ministry said in a statement.





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 the release of GST compensation during the current financial year.


The Centre has estimated the shortfall in GST compensation payable to the states in the current fiscal at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed this year.


The Centre expects to collect over Rs 1 lakh crore through cess on luxury, demerit and sin goods, which will be given to the states to compensate them for the shortfall in revenue arising out of the Goods and Services Tax (GST) implementation.


Tax collection is expected to exceed the target set in the Budget as collections have improved with the revival of the economy, according to experts.


GST collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021.


This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The mop-up from GST was Rs 1.17 lakh crore in September 2021. Tax collections last month on goods sold and services rendered was 24 per cent higher than in October 2020, and up 36 per cent over 2019-20.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

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