Centre releases Rs 36,400 crore GST compensation to states for three months
New Delhi: The Centre has launched Rs 36,400 crore as GST compensation to the states and union territories for 3 months until February 2020. For the April-November 2019 interval, the Centre had already launched Rs 1,15,096 crore to compensate states and UTs on account of income loss as a result of implementation of the Goods and Services Tax (GST).
“Taking stock of the current situation due to COVID-19 where state governments need to undertake expenditure while their resources are adversely hit, the central government has released the GST compensation of Rs 36,400 crore to the states/UTs with legislature for the period from December 2019 to February 2020,” an official assertion mentioned.
The Centre had launched Rs 69,275 crore in 2018-19 and Rs 41,146 crore in 2017-18 as compensation for GST which was rolled out on July 1, 2017. The cess assortment in 2019-20, 2018-19 and 2017-18 fiscal was Rs 95,000 crore, Rs 95,081 crore and Rs 62,611 crore, respectively.
As the compensation requirement of the states was lower than assortment within the first two years (2017-18 and 2018-19) of GST rollout, Rs 47,271 crore GST compensation cess collected had remained unutilised within the compensation kitty.
Under the GST regulation, states had been assured to be paid for any lack of income within the first 5 years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual development in GST collections by states over the bottom 12 months of 2015-16.
Under the GST construction, taxes are levied underneath 5, 12, 18 and 28 per cent slabs. On prime of the very best tax slab, a cess is levied on luxurious, sin and demerit items and the proceeds from the identical are used to compensate states for any income loss.
There had been no variations between the Centre and states with regard to compensation fee in 2017-18, 2018-19, and within the first 4 months (April-July) of earlier present fiscal (2019-20).
However, with income mop-up from compensation cess falling insufficient, the Centre held again fund switch to states for income scarcity starting August 2019, following which states raised the difficulty.
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