Centre releases Rs. 44,000 crore to states, UTs to meet GST compensation shortfall
Sakshi Education
The Finance Ministry has released 44 thousand crore rupees today to the States and Union Territories with Legislature under the back-to-back loan facility in lieu of GST Compensation.
states and UTs to meet GST compensation shortfall
After taking into account earlier release of one lakh 15 thousand crore rupees, the total amount released in the current financial year is one lakh 59 thousand crore rupees. The Ministry said, this release is in addition to normal GST compensation being released every two months out of actual cesscollection.
Subsequent to the 43rd GST Council Meeting held on 28th May this year, it was decided that the Central Government will borrow one lakh 59 thousand crore rupees and release it to States and Union Territories to meet the resource gap due to the short release of Compensation on account of inadequate amount in the Compensation Fund.
