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Centre releases Rs 1,65,302 crore as GST Compensation to States/UTs
New Delhi, July 28, 2020
The Central Government recently released Goods and Service Tax (GST) compensation of Rs 13,806 crore to the States for March 2020.
Taking this amount into account, the entire compensation up to 2019-20 has been released to States, an official press release said.
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, it said.
To release the compensation for 2019-20, balance of cess amount collected during 2017-18 and 2018-19 was also utilised. In addition, the 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, the release added.