Rs 52,000 GST compensation due by countries till September
The government says around Rs 52,000 in Goods and Services Tax (GST) will be compensated until September 2021.
Given this information, State Finance Minister Pankaj Chaudhary told Lok Sabha in a written response to a question on Monday that Rs 1,10,208 crore and Rs 1.59 lakh crore have been issued to the funds. state as a loan with repayment in 2020-21 and 2021 -22 respectively.
He said: “The total pending GST compensation until September 2021 stands at Rs 51,798. This includes Rs 13,153 crore pending for Maharashtra, Rs 5,441 for Uttar Pradesh, Rs 4,943 for Tamil Nadu, Rs 4,647 for Delhi and Rs 3,528 for Karnataka.
The Minister further informed the lower house in response to a separate question that Rs 17,000 crore was issued on 3 November 2021, towards GST compensation to the states from the compensation fund.
This is the GST compensation of Rs 43,303 crore issued to the states and Rs 1.59 lakh crore to back support in the current financial year, he added.
Under the GST law, states are compensated for any loss of revenue arising from the implementation of GST for 5 years until June 2022.