Rs. 2.78 lakh crore of GST Compensation Cess released to States for the year 2020-21
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- Last Updated on 29 April, 2022
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Press Release dated April 27th, 2022
At the time of introduction of GST, the Constitution amendment provided that the Parliament, by law shall provide compensation to States for a period of five years for loss of revenue due to introduction of GST. However, the compensation requirement increased substantially during 2020-21 due to impact of Covid on revenues.
To ensure that States have adequate and timely resources to combat Covid and related issues, Centre borrowed Rs. 1.1 lakh crore in 2020-21 and Rs. 1.59 lakh crore in 2021-22 and passed it on to States on a back-to-back basis. Taking into account this loan, Rs. 2.78 lakh crore of compensation has been released to States for the year 2020-21 itself and nothing is pending for the year. Moreover, compensation of eight out of ten months of 2021-22 has already been released to States. The pending amount will also be released as and when amount from cess accrues in the compensation fund.
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