Balance claim of States under GST

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 Shri Rajiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha. (PIB)

More Under Goods and Services Tax

Posted Under

Category : Goods and Services Tax (7588)
Type : News (13854)
Tags : goods and services tax (6061) GST (5662)

Leave a Reply

Your email address will not be published. Required fields are marked *