States issued Rs28,398 crore as GST compensation till December: Arun Jaitley

States issued Rs28,398 crore as GST compensation till December: Arun Jaitley

    New Delhi: The Centre has released Rs28,398 crore as GST compensation to states for July-December, with Karnataka getting a major pie.

    In written reply to a Rajya Sabha question, finance minister Arun Jaitley said states are protected from any revenue loss on account of implementation of the new indirect tax regime under the Goods and Services Tax law.

    “A total of Rs28,398 crore has been released to the states as compensation for the period July-December 2017,” he said.

    The government has lowered the indirect tax revenue collection forecast in the revised estimates by Rs51,856 crore to Rs8.75 trillion in the current fiscal.

    As per the Budget estimates, over Rs9.26 trillion was to be collected from indirect taxes. During July-December 2017, Rs4,130 crore has been released as compensation to Karnataka, followed by Rs2,838 crore to Punjab, Rs2,532 crore to Gujarat, Rs2,119 to Bihar, Rs1,911 crore to Rajasthan and Rs1,520 crore to Uttar Pradesh, among various states.

    Source- Livemint.

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