Kerala is owed ₹1,473.34 crore as balance amount in the compensation payment for the 2020-21 fiscal and ₹2,921.84 crore for the 2021-22 fiscal (upto August), the Finance Minister says in a written reply to the Kerala Asssembly
The Centre owes Kerala a sizeable amount by way of Goods and Services Tax (GST) compensation, Finance Minister K. N. Balagopal informed the Assembly on Tuesday.
The State is owed ₹1,473.34 crore as balance amount in the compensation payment for the 2020-21 fiscal and ₹2,921.84 crore for the 2021-22 fiscal (upto August), the Finance Minister said in a written reply to the House.
During 2020-21, the State was entitled to ₹12,144.85 crore as GST compensation, which indicates the amount paid by the Centre to States to make up for shortfall in GST collection. However, the State received only ₹10,671.51 crore that year.
During 2021-22 (up to August), the State was entitled to ₹7,044.11 crore, against which it received ₹4,122.27 crore, show figures tabled in the Assembly.
Ever since the GST roll-out, 2019-20 was the only year that the State received an excess amount by way of GST compensation. That year, the State received ₹11.4 crore in excess under this head.
According to the data, the State received ₹2,102 crore as GST compensation in 2017-18, ₹3,532 crore in 2018-19, ₹8,111 crore in 2019-20, ₹10,671.51 crore in 2020-21 and ₹4,122.27 crore (till August) in 2021-22.
The Kerala Goods and Services Tax (Amendment) Bill, the Kerala General Sales Tax (Amendment) Bill, and the Kerala Fiscal Responsibility (Amendment) Bill were tabled in the Assembly on Tuesday. They have been referred to the Subject Committee.
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