New Delhi, Feb 4 (KNN) Union Minister of State for Finance has said that all due Goods and Services and Tax (GST) compensation will be given to states in two instalments.

While responding to MPs from Telangana and Odisha, who complained during Question Hour on Monday that their states were not getting the share of the Goods and Services Tax (GST) and Integrated Goods and Service Tax (IGST), Thakur replied, “The Centre will release all due GST compensation to states in two instalments.''

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.

“The states have been paid GST compensation on a bi-monthly basis with effect from July 2017. The GST Compensation has been released till September 2019 and the next bi-monthly GST Compensation is due for October-November, 2019,'' Thakur added.

Talking about the figures, Anurag Thakur said that “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”.

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

Published On : 04-02-2020

Source : KNN India