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GST - Rs 40,000 Crore compensation paid to States so far: Shukla

By TIOL News Service

NEW DELHI, MARCH 28, 2018: THE Government is providing claims to the States under GST. As per provisions in Section 7 of the GST (Compensation to States) Act, 2017 loss of revenue to the States shall be calculated and compensation for loss of revenue to the State shall be provisionally calculated and released at the end of every two months' period.

As per Section 4 of the said Act, financial year 2015-16 has been taken as the base year for calculating compensation amount payable to States for loss of revenue during transition period. The projected nominal growth rate of revenue subsumed for a state during the transition period shall be 14% per annum. On this basis, the revenue loss due to implementation of GST to the states for the month of July, 2017 to February, 2018 has been estimated and accordingly, GST Compensation paid to the States/ UTs on bimonthly basis for the period of July 2017 to February, 2018 as below:- 

Period

Amount of GST compensation paid (Rs. in crore)

July – Aug, 2017

10806

Sept – Oct, 2017

13694

Nov- Dec, 2017

3898

Jan – Feb, 2018

11495

Total

39893

This was stated by Mr Rajiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.


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