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GST compensation

GST compensation of 30k released by center

GST compensation
Two minute reads :
  • Centre has released GST compensation of 30,000 crore rupees to states as part compensation admissible for 2020- 2021.
  • The total amount of compensation released so far for the year 2020 – 21 is 70, 000 crore rupees.
  • Andhra Pradesh occupy highest position in GST compensation released on 27 th March, 2021.
  • Compensation released for Andhra Pradesh is 742.4966 crore and Assam has 307.9853 crore.
  • In addition, the centre has also settled Integrated GST ( IGST ) of RS. 28,000 crore, of which RS. 14.000 crore has been shared equally between states and the centre.
  • Taking in to account the release of Compensation, back to back loan and adoc integrated GST settlement, balance of only RS. 63,000 crore.
  • As per the decision of GST Council, back to bank loan 1 lakh 10 thousand 208 crore rupees has also been released in lieu of shortfall in release of GST compensation for 2021.
GST compensation

About Goods and Service Tax ( GST )

  • GST is a direct tax used in India on the supply of goods and services.
  • GST is a single domestic indirect tax law for the entire country.
GST compensation
Reference : https://m.economictimes.com/news/economy/finance/centre-releases-rs-30000-crore-as-gst-compensation-for-fy21/articleshow/81764786.cms

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