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gst: Rs 81,179 crore due to states as GST compensation for fiscal year21

Over 81,000 Rs crore GST compensation is by states for 2020-21, while from April to May this year, Rs 55,345 crore is outstanding, Parliament was announced on Monday. In a written answer to a question in Lok Sabha, Minister of State Finance Pankaj Chaudhary to speak GST A compensation of Rs 91,000 crore was issued to all states/UTs to partially meet the compensation payable for the previous financial year due to the insufficient amount in the GST compensation fund to meet the full claim.

“The economic impact of the pandemic has resulted in higher claims due to lower GST collection and at the same time lower GST claim collection,” he added.

The minister also said details of GST compensation have yet to be released to the states. A total of Rs 81,179 crore is due for payments to 27 states and UTs for 2020-21, while in the first two months of the current fiscal (April and May), Rs 55,345 crore is unpaid for 26 states and UTs.

Amounts due by major states for 2020-21 include Maharashtra Rs (15,138), Karnataka (Rs 7,202), Uttar Pradesh (Rs 7,109), Gujarat (Rs 6,583), Tamil Nadu (Rs 6,155), Delhi (Rs 5,190), West Bengal (Rs 3,911) and Punjab (Rs 3,752 crore) .

For April to May 2021, the amount payable to Maharashtra is Rs 7,995 crore, Karnataka (Rs 5,500) and Gujarat (Rs3,603 crore).

Chaudhary added that the issue of GST compensation to the states was considered in the 41st and 42nd times GST . Council the meeting.

Accordingly, in 2020-21, the Center has borrowed Rs 1.1 lakh under a special mechanism and transferred it to the states as a back-to-back loan to help them meet the resource gap caused by the release of compensation. often short-lived. balance in the compensation fund.

After discussion during the 43rd GST Council meeting, it was decided that the Center will borrow Rs 1.59 lakh from the market through a special mechanism in the current financial year and transfer it to states/UTs like a back-to-back loan in appropriate installments as was done last year.

Rs 75,000 crore was released to States/UTs on 15 July 2021.

“In addition, depending on the amount currently available in the Compensation Fund, the Center has also issued regular GST compensation to the states to make up for the shortfall in GST collection,” he added.

The minister added that GST compensation for the financial years 2017-18, 2018-19 and 2019-20 has been paid to the states.

https://economictimes.indiatimes.com/news/economy/finance/rs-81179-crore-due-to-states-as-gst-compensation-for-fy21/articleshow/84547775.cms | gst: Rs 81,179 crore due to states as GST compensation for fiscal year21

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