Centre Releases Rs 524 Crore GST Compensation To Odisha
Bhubaneswar: The Centre has released Rs 17,000 crore to states/UTs towards the balance GST compensation for the period April to June this year. With this, the total amount of compensation released to the states/UTs during the 2022-23 financial year reached Rs 1,15,662 crore, said the Ministry of Finance.
The Centre has released Rs 524 crore to Odisha towards GST compensation for the above said period. Among the states, Maharashtra received the highest amount of GST compensation (Rs 2,081 crore) followed by Karnataka (Rs 1,915 crore), Uttar Pradesh (Rs 1,202 crore), Delhi (Rs 1,200 crore) and Tamil Nadu (Rs 1,188 crore).
According to the Finance Ministry, the Centre has released the GST compensation to states/UTs despite the fact that total cess collection till October this year is only Rs 72,147 crore. The balance amount of Rs 43,515 crore was released by the Centre from its own resources.
With this release, the Centre has released, in advance, the entire amount of cess estimated to be collected this year till March-end. The Centre has released the GST compensation to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the current financial year.
In May this year, the Centre had released Rs 86,912 crore as provisional GST compensation to states for the period February to May this year despite the fact that there was only about Rs 25,000 crore in the GST Compensation Fund. It had arranged around Rs 62,000 crore from its own resources, said the Finance Ministry.