Quick Summary
As per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016, Parliament shall, by law, on the recommendation of the Goods and Services Tax Council, provide for compensation to the States for loss of revenue arising on account of implementation of the goods and services tax for a period of five years. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. The Minister stated that the issue of com
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1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
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FAQ :
GST compensation to states for revenue loss due to GST implementation is provided for a period of five years.
During the transition period, states' revenues are protected at a 14% growth rate per annum over the base year revenue of 2015-16.
Yes, there has been a significant increase in GST revenue, with average monthly gross GST collection for the first quarter of FY 2022-23 showing a 37% rise compared to the previous year.
The issue of compensation to states and augmenting resources under GST was discussed in detail in the 45th GST Council meeting. Two Groups of Ministers have been constituted to look into GST system reforms and rate rationalisation.
Yes, a few states have requested for the extension of GST compensation payment beyond the initial five-year transition period.
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