News Karnataka
Wednesday, April 17 2024

Centre releases Rs 30,000 cr GST compensation to states

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New Delhi: The Centre on Tuesday said it has released GST compensation amounting to Rs 30,000 crore to states.

The funds were released as part ‘compensation admissible’ for FY21 on March 27.

“The total amount of compensation released so far for the year 2020-21 is Rs 70,000 crore,” the Ministry of Finance said in a statement.

“As per the decision of GST Council, back to back loan of Rs 1,10,208 crore has also been released in lieu of shortfall in release of GST Compensation for FY 2020-21.”

According to the statement, the Centre has released Rs 28,000 crore by way of ad hoc settlement of IGST on March 30.

“Taking into account the release of GST Compensation, back to back loan and ad hoc IGST settlement, balance of only Rs 63,000 crore approx. GST compensation is pending to States or UTs for FY 2020-21.”

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