Union Minister Anurag Thakur said in Lok Sabha that GST (Compensation to States) Act, 2017 provides for compensation to States/UTs on account of revenue loss due to implementation of GST on a bi-monthly basis.

The Centre will release all due GST compensation to states in two instalments, Union Minister Anurag Thakur said in Lok Sabha on Monday.

The reply came after MPs from Telangana and Odisha complained during Question Hour that their states were not getting the share of the Goods and Services Tax (GST) and Integrated Goods and Service Tax (IGST).

"All due GST compensation will be given to states in two instalments," Thakur, union minister of state for finance, said.

The minister said GST (Compensation to States) Act, 2017 provides for compensation to States/UTs (UT with legislature only) on account of revenue loss due to implementation of GST on a bi-monthly basis.

Accordingly, he said, the states have been paid GST compensation on a bi-monthly basis with effect from July, 2017.

Thakur said the GST Compensation has been released till September, 2019 and the next bi-monthly GST Compensation is due for October-November, 2019.

The minister said a total of Rs 2,10,969.49 crore has been released as GST compensation to states so far including UTs of Delhi and Puducherry after implementation of GST with effect from July 1, 2017.

Period for which compensation has been released: July, 2017March 2018 - Rs 48,785.35 crore; April 2018 March 2019 - Rs 81,141.14 crore; AprilMay 2019 - Rs 17,789 crore; June July 2019 - Rs 27,956 crore; Aug Sept 2019 - Rs 35,298 crore.

Published On : 03-02-2020

Source : Business Today