Centre releases Rs8,698 crore as GST compensation to states
The goods and services tax (GST) amalgamates over a dozen taxes, including service tax, excise and VAT. Photo: Mint
The Union government has released Rs8,698 crore to states to compensate them for revenue loss following the goods and services tax (GST) implementation.
All states barring Rajasthan and Arunachal Pradesh, have been given compensation for the first two months (July-August) after GST rollout. “Rs 8,698 crore has been paid to states as compensation for July and August. This is 58 per cent of the total cess revenue of Rs 15,060 crore in the two months,” Bihar deputy chief minister Sushil Modi said.
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