: Centre releases Rs 1,65,302 cr GST compensation to States & UTs #FinanceIndia #StockMarketNEWS Centre releases Rs 1,65,302 cr GST compensation to States & UTs New Delhi, July 28 (KNN) Central

@StockMarketNEWS Sun 02 Aug, 2020

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Centre releases Rs 1,65,302 cr GST compensation to States & UTs #FinanceIndia #StockMarketNEWS
Centre releases Rs 1,65,302 cr GST compensation to States & UTs New Delhi, July 28 (KNN) Central government has released Goods and Services Tax (GST) compensation of Rs 13,806 crore to states and Union Territories.

With this the total amount of compensation released for the year 2019-20 is Rs 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs 95,444 crore, said the Finance Ministry in a statement on Monday.

To release the compensation for 2019-20, balance of cess amount collected during 2017-18 and 2018-19 was also utilised. In addition, the centre had transferred Rs 33,412 crore from the consolidated fund of India to the compensation fund as a part of an exercise to apportion balance of IGST pertaining to 2017-18.

Maharashtra received the maximum Rs 19,233 crore GST Compensation cess from the centre followed by Karnataka (Rs 18,628 crore), Gujarat (Rs 14,801 crore), Tamil Nadu (Rs 12,305 crore) and Punjab (Rs 12,187 crore). While Delhi received Rs 8, 424 crore, Bihar got Rs 5,464 crore, Haryana 6,617 crore while Kerala and Madhya Pradesh received Rs 8,111 crore and Rs 6,538 crore respectively.

Chhattisgarh received Rs 4,521 crore from the centre as Chhattisgarh against the cess collection in the FY 2019-20.

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