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Centre releases Rs 75,000 crore to states & UTs as GST compensation shortfall Last Updated : 16 Jul 2021 04:22:43 AM IST 
The Central Government on Thursday said it has released Rs 75,000 crore to the States and Union Territories to compensate them for the shortfall in GST revenue. At the 43rd GST Council Meeting held on May 28, it was decided that the Centre would borrow Rs 1.59 lakh crore and release it to States and UTs to meet the resource gap due to the short release of compensation on account of the inadequate amount in the compensation fund.
"The Ministry of Finance has released today Rs 75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. This release is in addition to normal GST compensation being released every 2 months out of actual cess collection," the ministry said in a statement.The total GST compensation that states would be getting in FY22 would be ₹2.59 lakh crore. The part of it paid out of proceeds of GST cess levied on items like automobiles is being released to states on a bimonthly basis.Amount of compensation financed through debt will form part of states’ fiscal deficit, not the government’s.States with large economies are the biggest recipients of compensation in absolute terms. Karnataka received ₹8,542 crore, Maharashtra ₹6,501 crore and Gujarat ₹6,151 crore. Haryana, Kerala and Punjab gained big.IANS New Delhi For Latest Updates Please-
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