9911796707
TMI BlogGST Compensation to StatesX X X X Extracts X X X X X X X X Extracts X X X X ..... GST Compensation to States - Goods and Services Tax - GST Dated:- 11-8-2018 - News - Government has compensated to the States/UTs for the reported revenue deficit on account of implementation of Goods and Services Tax (GST). As per provisions in Section 7 of the GST (Compensation to States) Act, 2017 loss of revenue to the States on account of implementation of Goods and Services Tax shall be payable during transition period and compensation payable to a State shall be provisionally calculated and released at the end of every two months during transition period of 5 years. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revenue during transition period. The projected nominal growth rate of revenue subsumed for a state during the transition period shall be 14% per annum. As per section 7(c) of the said Act, the total compensation payable in any financial year shall be difference between the projected revenue for any financial year and the actual revenue collected by a State. On this basis, the revenue loss due to implementation of GST to the states for the month of July, 2017 to March, 2018 and April to May, 2018 has been estimated to be ₹ 48178 crore (Annexure-I) and ₹ 3899 crore (Annexure-II) respectively and accordingly, States/UTs have been paid GST Compensation of ₹ 48178 crore for the period of July 2017 to March, 2018 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 3899 crore for the period of April-May, 2018. Annexure-I Details of GST Compensation released to States/ UTs for FY 2017-18. S. No. Name of State/UT GST Compensate on released for July and Aug 2017 (Rs. In Crore) GST compensation released for Sep and Oct 2017 (Rs. In Crore) GST Compensation released for Nov and Dec 2017 (Rs. in Crore) GST Compens ation released for Jan and Feb 2018 (Rs. in Crore) GST Compens ation released for March 2018 (Rs. in Crore) Total (Rs. In Crore) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) (2) (3) (4) (5) (6) (7) (8) Andhra 1 Pradesh 116 266 0 0 0 382 2 Arunachal Pradesh 15 0 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 0 15 3 Assam 338 331 15 202 94 980 4 Bihar 692 1054 373 922 99 3140 5 Chhattisgarh 253 562 219 449 106 1589 6 Delhi 115 42 0 0 169 326 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Goa 68 35 99 50 29 281 8 Gujarat 1402 880 252 1153 590 4277 9 Haryana 476 325 0 398 262 1461 Himachal 10 Pradesh 0 0 539 336 184 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1059 11 J K 367 314 127 329 23 1160 12 Jharkhand 313 489 94 369 103 1368 13 Karnataka 1189 2082 859 2116 1289 7535 14 Kerala 810 395 0 567 330 2102 Madhya ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 Pradesh 433 908 0 1170 157 2668 16 Maharashtra 0 834 0 654 1589 3077 17 Manipur 24 0 0 0 0 24 18 Meghalaya 52 38 20 14 16 140 19 Mizora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 0 0 0 0 0 0 20 Nagaland 0 0 0 0 0 0 21 Odisha 333 687 306 693 245 2264 22 Puducherry 44 122 58 109 52 385 23 Punjab 1138 960 740 1199 581 4618 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24 Rajasthan 1205 706 0 687 301 2899 25 Sikkim 0 0 0 6 0 6 26 Tamil Nadu 530 102 0 0 0 632 27 Telangana 7 162 0 0 0 169 28 Tripura 31 43 14 41 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 149 29 Uttar Pradesh 190 1330 0 604 308 2432 30 Uttarakhand 223 460 183 417 149 1432 31 West Bengal 441 567 0 600 0 1608 Total 10805 13694 3898 13085 6696 48178 Annexure- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... II Details of GST Compensation released to States/UTs for FY 2018-19 S. No. Name of State/UT GST compensation released for April- May, 2018 (Rs. In Crore) (1) (2) (3) 1 Andhra Pradesh 0 2 Arunachal Pradesh 0 3 Assam 0 4 Bihar 325 5 Chhattisgarh 257 6 Delhi 0 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Goa 28 8 Gujarat 174 9 Haryana 0 10 Himachal Pradesh 225 11 J K 147 12 Jharkhand 76 13 Karnataka 792 14 Kerala 67 15 Madhya Pradesh 130 16 Maharashtra 0 17 Manipur 0 18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Meghalaya 0 19 Mizoram 0 20 Nagaland 0 21 Odisha 282 22 Puducherry 79 23 Punjab 944 24 Rajasthan 106 25 Sikkim 0 26 Tamil Nadu 0 27 Telangana 0 28 Tripura 2 29 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Uttar Pradesh 0 30 Uttarakhand 265 31 West Bengal 0 Total 3899 This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a Written reply to a question in Lok Sabha. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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