Balance claim of States under GST
The Government is providing claims to the States under GST. As per provisions in Section 7 of the GST (Compensation to States) Act, 2017 loss of revenue to the States shall be calculated and compensation for loss of revenue to the State shall be provisionally calculated and released at the end of every two months’ period. As per Section 4 of the said Act, the financial year 2015-16 has been taken as the base year for calculating compensation amount payable to States for loss of revenue during the transition period. The projected nominal growth rate of revenue subsumed for a state during the transition period shall be 14% per annum. On this basis, the revenue loss due to the implementation of GST to the states for the month of July 2017 to February 2018 has been estimated and accordingly, GST Compensation paid to the States/ UTs on a bimonthly basis for the period of July 2017 to February 2018 as below:-
|
Period |
Amount of GST compensation paid (Rs. in crore) |
|
July – Aug, 2017 |
10806 |
|
Sept – Oct, 2017 |
13694 |
|
Nov- Dec, 2017 |
3898 |
|
Jan – Feb, 2018 |
11495 |
|
Total |
39893 |
This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.
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