Govt releases ₹17,000 cr GST compensation to states, to give ₹1.15 lakh cr this year

Rs 1.15 Lakh Crore disbursed to States/UTs so far in the current financial year
The decision was taken to assist the states in managing their resources and ensure that their programs, especially capital expenditures, are successfully spent during the financial year. It was said in the statement that the Central Government released an amount of Rs 17,000 crore to the States / Union Territories on 24 November 2022 as compensation for the outstanding GST for April to June 2022. The statement said that including this amount, Rs 1,15,662 crore has been released to the States/Union Territories so far in the current financial year.

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The central government has released Rs 17,000 crore to the states as outstanding GST compensation. With this, a total of Rs 1.15 lakh crore has been released so far in the current financial year. Cess is levied on some items to compensate the states and the amount of cess is deposited in the compensation fund.

GST was implemented from July 1, 2017.
Goods and Services Tax (GST) was implemented in the country from July 1, 2017. States were assured compensation for five years for any loss of revenue due to the implementation of GST. The ministry said, “The total cess collection till October 2022 is only Rs 72,147 crore and the remaining Rs 43,515 crore is being released by the Center from its own resources.”

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