GST Compensation: Centre Released Rs 1,65,302 Crore to States/UTs for FY 2019-20 against Rs 95,444 crore cess collection

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GST Compensation: Centre Released Rs 1,65,302 Crore to States/UTs for FY 2019-20 against Rs 95,444 crore cess collection

GST Compensation: Central Government has released GST Compensation of Rs 13,806 crore to States for March’2020. Taking this amount into account, entire compensation up to 2019-20 has been released to the States.GST Compensation: Central Government has released GST Compensation of Rs 13,806 crore to States for March’2020. Taking this amount into account, entire compensation up to 2019-20 has been released to the States. The total amount of compensation released for the year 2019-20 is Rs 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs 95,444 crore. The Ministry of Finance informed about the same in a written statement yesterday evening.

To release the compensation for 2019-20, balance of cess amount collected during 2017-18 and 2018-19 was also utilised. In addition, Centre had transferred Rs. 33,412 crore from Consolidated Fund of India to the Compensation Fund as a part of an exercise to apportion balance of IGST pertaining to 2017-18.

Maharashtra received the maximum Rs 19,233 crore GST Compensation cess from the center followed by Karnataka (Rs 18,628 crore), Gujarat (Rs 14,801 crore), Tamil Nadu (Rs 12,305 crore) and Punjab (Rs 12,187 crore). Delhi received Rs 8, 424 crore, Bihar got Rs 5,464 crore, Haryana 6,617 crore while Kerala and Madhya Pradesh received Rs 8,111 crore and Rs 6,538 crore respectively. Chattisgarh received Rs 4,521 crore from the centre as Chattisgarh against the cess collection in the FY 2019-20.

by ZeeBiz

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