The Center has set aside Rs. 18,000 crore

(PTI) New delhi date. 3

They are suffering due to declining revenue of states due to implementation of GST. To compensate for this loss, the central government has been paying compensation to the states from time to time. As part of which, the central government today released Rs 15,000 crore for GST compensation to the states.

At the same time, the amount paid to states as GST compensation so far in the current financial year has increased to Rs 20,000 crore, the finance ministry said in a statement.

As per the decision taken by the GST Council, Rs 1.5 lakh crore has already been repaid to the states under the loan facility in the current financial year.

According to the central government's estimates, the total loss to the states due to GST in the current financial year is estimated at Rs 4.5 lakh crore. Out of which Rs 1.5 crore will be borrowed this year.

The central government hopes to get Rs 1 lakh crore from the cess on luxury items, which will be paid to the states as compensation.

According to experts, GST collection will be higher than estimated in the budget as the economy is recovering fast.

It may be mentioned that in October, 2021, GST collection was Rs 1.50 lakh crore. This is the second largest collection ever after the implementation of GST in July, 2017. In April 2011, GAT collection was at an all-time high of Rs 1.31 lakh crore.

For the fourth month in a row, GST collection in October 2012 was more than Rs 1 lakh crore. In September 2021, GST collection was Rs 1.16 lakh crore.