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Thursday, August 05, 2021

Rs 1.36 lakh crore of FY21, FY22 GST compensation still pending

Of this, over Rs 81,000 crore GST compensation is due to states for 2020-21, while Rs 55,345 crore is outstanding for April-May, Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in Lok Sabha Monday.

By: ENS Economic Bureau | New Delhi |
Updated: July 20, 2021 3:15:11 am
Rs 1.36 lakh crore of FY21, FY22 GST compensation still pendingAbout Rs 1.36 lakh crore of compensation due to states under Goods and Services Tax (GST) regime is yet to be released to states and Union Territories for FY21 and FY22, government data showed. (File photo)

About Rs 1.36 lakh crore of compensation due to states under Goods and Services Tax (GST) regime is yet to be released to states and Union Territories for FY21 and FY22, government data showed. Of this, over Rs 81,000 crore GST compensation is due to states for 2020-21, while Rs 55,345 crore is outstanding for April-May, Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in Lok Sabha Monday.

Chaudhary said GST compensation of Rs 91,000 crore has been released to all states/UTs to partly meet the compensation payable for last fiscal year as the amount in GST compensation fund was not adequate to meet the full requirement. “The economic impact of the pandemic has led to higher compensation requirements due to lower GST collection and at the same time lower collection of GST compensation cess,” he added.

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

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