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Finance Ministry has released ₹ 44,000 crore to states as part of the back-to-back loan facility in lieu of GST compensation. With this, the total amount released to states is now ₹ 1,59,000 crore, a statement issued by Finance Ministry said.
Thursday’s amount is in addition to the normal GST compensation which is released every two months out of the actual cess collection.
During the meeting of the GST Council held on May 28, 2021, it was decided that the Centre will borrow ₹ 1.59 lakh crore and release it to states on a back-to-back basis to meet the resource gap due to shortfall in compensation released to them.
