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Centre releases Rs 17,000 crore GST compensation to states, UTs

The Centre has, so far, released Rs 1,15,662 crore total compensation amount to states and UTs during the year 2022-23.

ByIFP Bureau

Updated 25 Nov 2022, 5:29 pm

(Representational Image: Pixabay)
(Representational Image: Pixabay)

The Union government has released Rs 17,000 crore to states and Union territories towards the balance GST compensation for the period April to June, 2022, the Union Finance Ministry said on Friday.

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The ministry stated in a release that the total amount of compensation released to the states and UTs so far, including the amount released on Thursday, during the year 2022-23 is Rs 1,15,662 crore.

It stated that the total cess collection till October 2022 is only Rs 72,147 crore and the balance Rs 43,515 crore is being released by the Centre from its own resources.

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With this release, the Centre has released, in advance, the entire cess amount estimated to be collected this year till March-end available for payment of compensation to states, in a bid to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the fiscal, the ministry stated.

In May, the Centre released Rs 86,912 crore as provisional GST compensation to states for the period Feb-May’2022.

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UTsGST compensationcompensation for statesunion territories

IFP Bureau

IFP Bureau

IMPHAL, Manipur

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