Centre Releases Rs 30,000 Crore As GST Compensation, Rs 28,000 Crore As IGST Ad-Hoc Settlement To States, UTs

Centre Releases Rs 30,000 Crore As GST Compensation, Rs 28,000 Crore As IGST Ad-Hoc Settlement To States, UTsMinistry of Finance. (GettyImages)

The Centre on Tuesday (30 March) said it has released GST compensation amounting to Rs 30,000 crore to states.

The funds were released as part 'compensation admissible' for FY21 on 27 March.

"The total amount of compensation released so far for the year 2020-21 is Rs 70,000 crore," the Ministry of Finance said in a statement.

"As per the decision of GST Council, back to back loan of Rs 1,10,208 crore has also been released in lieu of shortfall in release of GST Compensation for FY 2020-21."

According to the statement, the Centre has released Rs 28,000 crore by way of ad hoc settlement of IGST on 30 March.

"Taking into account the release of GST Compensation, back to back loan and ad hoc IGST settlement, balance of only Rs 63,000 crore approx. GST compensation is pending to States or UTs for FY 2020-21."

According to the ministry data, Rs 4,446 crore was released to Maharashtra as GST compensation, followed by Rs 2,970 crore to Karnataka, Rs 2,574 crore to Gujarat, Rs 2,192 crore to Tamil Nadu and Rs 2094 crore to Uttar Pradesh.