Central govt releases Rs 14,103 cr GST compensation to states
In November 2019 to February 2020, GST collection surpassed the Rs one lakh crore mark
The Union Ministry of Finance has released about Rs 34,000 crore in two phases to states as compensation for their revenue loss in the goods and services tax (GST) regime.
With the release of Rs 14,103 crore to states on 7 April 2020, the Centre has paid a total of Rs 34,053 crore pending GST compensation cess for October and November 2019. The first tranche of Rs 19,950 crore for the period was already paid on 17 February 2020.
The Ministry of Finance is also looking at the pending dues of states for December 2019 and January 2020 which could be released soon in phases. The government has released close to Rs 1.35 lakh crore to states and Union Territories towards GST compensation cess.
The Centre has, so far, released about Rs 2.45 lakh crore as GST compensation to states since the implementation of GST on July 2017.
In November 2019 to February 2020, GST collection surpassed the Rs one lakh crore mark. In February 2020, mop-up was Rs 1.05 lakh crore, January 2020 (Rs 1.10 lakh crore), December 2019 (Rs 1.03 lakh crore) and November 2019 (Rs 1.03 lakh crore).