The Union finance ministry mentioned on Wednesday that Rs 78,704 crore of compensation was due to the States in lieu of items and providers tax (GST) for monetary 12 months 2021-22 (FY22), which is equal to the compensation of 4 months.
It added that each one dues had been paid for the FY21. So far, it has launched Rs 7.35 trillion to States, together with the help launched on back-to-back foundation. For FY22, compensation is pending due to insufficient steadiness within the fund, the ministry mentioned. It added that there aren’t any dues pending for FY21, as complete compensation of Rs 2.78 trillion was launched to the States through the 12 months. Normally, compensation for the ten months from April of any monetary 12 months is launched throughout that 12 months and the compensation of February and March is launched within the subsequent monetary 12 months.
Compensation of eight out of the ten months of FY22 has already been launched to States. The pending quantity will even be launched as and when the quantity from cess accrues within the compensation fund, the ministry said.
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