New Delhi, Feb 20 (SocialNews.XYZ) The Central government released Rs 19,950 crore as GST compensation cess to the states/UTs on last Monday, officials said.
With this amount, the Central government has released a total of Rs 1,20,498 crore towards GST compensation to the States/UTs during current FY, a statement said. However, only Rs 78,874 crore have been collected as compensation cess in the current FY (till January 31, 2020).
Finance Ministry officials said that a total GST compensation cess of Rs 62,611 crore was collected in FY 2017-18, out of which Rs 41,146 crore was released to the states/UTs in FY 2017-18 as GST compensation. Further, in FY 2018-19, Rs 95,081 crore was collected as GST compensation cess of which Rs 69,275 crore were released to the states/UTs.
Officials said that as on March 31, 2019, an amount of Rs 47,271 crore compensation cess collected had remained unutilised after the release of GST compensation to the states/UTs in FYs 2017-18 and 2018-19.
This compensation was to come out of a pool that is to be created by levy of cess on certain sin and luxury goods over and above the GST tax rate. The shortfall is calculated assuming a 14 per cent annual growth in GST collections by states over the base year of 2015-16.
In FY 2018-19, Rs 95,081 crore was collected as GST compensation cess of which Rs 69,275 crore was released to the states/UTs as GST compensation.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz