Print

GST - States paid close to Rs 42000 cr as compensation since July 2017: MoS

Published: Apr 06, 2018

By TIOL News Service

NEW DELHI, APRIL 06, 2018: The month-wise figures of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess collected by the Government since July 1, 2017 is as under:

No targets for collection of GST have been fixed. In the absence of any past precedent, it shall be difficult to compare the GST revenue collection with the corresponding months of the previous years due to a number of factors like overlap of taxpayers pre and post introduction of GST, variation in exemption limits between Centre and States and among States and mechanism of apportionment of fund under IGST.

As per provisions in Section 7 of the GST (Compensation to States) Act, 2017, the loss of revenue arising on account of implementation of GST regime and compensation for loss of revenue to the States shall be provisionally calculated and released at the end of every two months for five years. The GST Compensation paid to the States on bimonthly basis for the period of July 2017 to February, 2018 is as below: -

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