Centre releases Rs 40,000 crore to states for GST shortfall

The Centre on Thursday launched Rs 40,000 crore to states and UTs to compensate for the shortfall in GST revenues, taking the full quantity launched as back-to-back loans to Rs 1.15 lakh crore thus far within the ongoing monetary 12 months.
“The Ministry of Finance today released an amount of Rs 40,000 crore to states and UTs with legislature under the back-to-back loan facility to meet the shortfall in GST Compensation. Earlier on July 15, 2021, an amount of Rs 75,000 crore was released to states & UTs with legislature. With the current release, the total amount released in the current financial year as back-to-back loan in-lieu of GST compensation has reached Rs 1.15 lakh crore,” the Ministry stated.
The Centre has frontloaded the discharge of help underneath the back-to-back mortgage facility with greater than 72 per cent of the full estimated shortfall for your complete 12 months of Rs 1.59 lakh crore being launched thus far and the steadiness quantity will likely be launched in the end, it stated.
For FY22, the hole between protected income and the precise income after launch of compensation can be round Rs 1.59 lakh crore.