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GST Compensation News

GST Compensation

27 Apr 2022

GST compensation for 8 months released to states, Rs 78,704 Cr pending: FinMin

Luxury and sin goods attract cess on top of the highest 28 per cent slab. This cess collection is used to compensate states for the revenue loss due to GST rollout.

28 Mar 2022

Chhatisgarh CM requests Centre to continue compensation of GST for 10 years

"Being manufacturing states, our contribution to the growth of the country's economy is much higher than those states which have benefited from the GST regime due to higher consumption of goods and services," Baghel wrote in a letter to his counterparts in 17 other states.

Finance Ministry

20 Jan 2022

Finance Ministry will release Rs 47,541 crore advance installment

States would receive a total of Rs 95,082 crore or double their respective entitlement during the month of January 2022. Last year in November too, the Centre had released the first advance installment of tax devolution. At that time, the government had released Rs 47,541 crore to states.

GST Compensation

30 Dec 2021

State governments demand extension of GST compensation for another 5 year

Rajasthan also requested that all irrigation and water work projects should be brought under the Centre's ambit. West Bengal also pitched for extension of GST compensation. He also made a case for raising share of Government of India in the centrally-sponsored schemes.

Mamata Banerjee

02 Sep 2020

Depriving states of GST dues attempt to undermine federalism: Mamata to PM

Depriving states of GST compensation attempt to undermine federalism: Mamata Benerjee has written to PM Narendra Modi Urging the PM not to belie the trust between the states and the Centre on the issue, the TMC chief asked him "not to allow an insufferable blow to the federalist polity of the nation by depriving the states of the GST compensation". The CM added that the "agreed formula" for giving up taxing powers was the promise of full compensation of shortfall in GST collection for five years

GST Compensation

01 Sep 2020

Consider more legally viable options for GST dues to states: Delhi CM to PM

Appealing to the Prime Minister, Delhi CM said the GST Council should consider authorising the Centre to borrow on its behalf and extend the period of collection of cess beyond 2022 Kejriwal stated that the assurance of the GST compensation to states to meet the shortfall in GST collections is one of the pillars on which the entire GST edifice rests The GST Council had offered states with two options to tide over their GST revenue shortfall as the GST cess collected from items such as cars and tobacco was not adequate to compensate them this FY

GST Compensation

09 Jan 2019

Centre releases Rs 48,202 cr GST compensation in Apr-Nov, higher than FY18

Minister of State for Finance Shiv Pratap Shukla said Section 7 of the GST (Compensation to States) Act, 2017, states that compensation payable to a state for loss of revenue shall be provisionally calculated and released at the end of every two months.

29 Dec 2017

Centre releases Rs 24,500 cr to compensate states post GST

Karnataka got maximum compensation from the Centre at Rs 3,271 crore.

04 Apr 2017

GST bill to be tabled in Rajya Sabha today

The much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha tomorrow.

04 Jun 2015

States demand full compensation for 5 years after GST rollout

States Thursday pressed for Centre compensating fully for the loss of revenue in the first five years of GST replacing their taxes, a position that may create hurdle in plans for roll out of new tax regime from next year.

17 Nov 2014

Centre to include GST compensation in Constitutional Bill

The Centre has agreed to include compensation to be paid to states for GST rollout as part of the Constitutional Amendment Bill.

21 Sep 2014

Fin Comm can look into GST compensation issue: Sumit Bose

The Finance Commission can be involved in the exercise of compensating states for revenue losses following implementation of the Goods and Services Tax (GST), said former Revenue Secretary Sumit Bose.

20 Aug 2014

State FMs agree on Rs 10 lakh threshold for levying GST

State Finance Ministers on Wednesday pressed for lowering the threshold limit to Rs 10 lakh for imposing Goods and Service tax (GST) on entities and asked the Centre to specify GST compensation structure for five years in the Constitutional Amendment Bill.

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