J&K, Nov 26: The central government has released Rs 208 Cr of balance GST compensation to J&K for the period April to June, 2022.
This amount was part Rs 17,000 Cr released to States and UTs on November 24, 2022 towards the balance GST compensation for this period (April to June, 2022). The total amount of compensation released to the States and UTs so far, including this amount (Rs 17,000 Cr) during the year 2022-23 is Rs1,15,662 Cr.
Officials said this was despite the fact that total Cess collection till October, 2022 was only Rs.72,147 Cr and the balance of Rs 43,515 Cr was being 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 available for payment of compensation to States. This decision was taken to assist the States in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year,” they added.
Even in May this year, the central government had released Rs. 86,912 Cr as provisional GST compensation to States for the period February-May’2022 despite the fact that there was only about Rs. 25,000 Cr in the GST Compensation Fund, by making arrangement of funds of around Rs 62,000 Cr from its own resources, officials informed.
