Rs 1.36 lakh crore of FY21, FY22 GST compensation nonetheless pending

About Rs 1.36 lakh crore of compensation as a consequence of states underneath Goods and Services Tax (GST) regime is but to be launched to states and Union Territories for FY21 and FY22, authorities information confirmed. Of this, over Rs 81,000 crore GST compensation is because of states for 2020-21, whereas Rs 55,345 crore is excellent for April-May, Minister of State for Finance Pankaj Chaudhary stated in a written reply to a query in Lok Sabha Monday.
Chaudhary stated GST compensation of Rs 91,000 crore has been launched to all states/UTs to partially meet the compensation payable for final fiscal yr as the quantity in GST compensation fund was not satisfactory to satisfy the total requirement. “The economic impact of the pandemic has led to higher compensation requirements due to lower GST collection and at the same time lower collection of GST compensation cess,” he added.
The quantity as a consequence of main states for 2020-21 embody Maharashtra (Rs 15,138 crore), Karnataka (Rs 7,202 crore), UP (Rs 7,109 crore), Gujarat (Rs 6,583 crore), Tamil Nadu (Rs 6,155 crore), Delhi (Rs 5,190 crore), West Bengal (Rs 3,911 crore) and Punjab (Rs 3,752 crore).