Chandigarh: Central Government, during the ongoing Monsun Lok Sabha session, accepted that it has not released Pajagan’s compensation for goods and services (GST) of Rs 3,752 Crore to the Punjab Government who lacked money for the last financial year and RS 3.124 Crore for April-May year this.
Likewise, Haryana has not received Rs 2,328 Crore for the last financial year and Rs 2,130 Crore for April and May from this fiscal.
The central government also owed RS 680 Crore to the State of Himachal Pradesh for the last financial year and RS 714 Crore for the first two months of this fiscal.
This information is provided by the Union Minister for the Finance of the Pankaj Chaudhary while responding to questions related to GST compensation delayed in parliament on Monday.
He added that the economic impact of the Covid-19 pandemic has led to higher compensation requirements due to lower GST collection and lower collection of GST Cess compensation.
Chaudhary also said that GST compensation of RS 91,000 Crore has been released to all states and UTSs to partly fulfill compensation debt for the period April 2020 to March 2021 because the amount of GST compensation funds is inadequate to meet full compensation requirements.
The following deliberations at the 43rd GST Board meeting, the central government borrowed Crore Rs 1.59 lakh from the market through a special window in the current financial year and will forward it to the state and UTS as a back-to-back loan that corresponds tranches as it is done Last year, he added.
According to this decision, Rs 75,000 Crore has been released to various states and UT on July 15.
The State Minister said the central government had released regular GST compensation to countries to redeem the lack of GST income according to the amount of GST compensation funds.