Centre Releases Rs 8,698 Crore As GST Compensation To States
The central government has released Rs 8,698 crore to states to compensate them for revenue lost following the implementation of Goods and Services tax regime.
All states barring Rajasthan and Arunachal Pradesh have been given compensation for the first two months (July and August) after GST rollout, Bihar Deputy Chief Minister Sushil Modi said.
This is 58 percent of the total cess revenue of Rs 15,060 crore in the two months, Modi, who is the head of the ministers' panel on GST Network issues, said in Bengaluru.
Also Read: Government Extends Date To Claim GST Transition Credit Till Nov. 30
Compensation was not paid to Arunachal Pradesh because the state couldn't file any claim because of some issues. Modi didn't explain why the compensation wasn't paid to Rajasthan.
Under the GST regime, a cess is levied on top of 28 percent tax on luxury cars, and demerit and sin goods like aerated drinks and tobacco, to collect revenue to compensate states for any revenue loss on account of GST implementation.
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