The Finance Ministry today released an amount of Rs 27.78 crore of GST compensation to Meghalaya under the back-to-back loan facility to meet the shortfall in GST compensation.
The total amount released by the Central government as GST compensation to all states and union territories (with legislature) today is Rs 17,000 crore.
The total amount of compensation released to the states and union territories so far including today’s amount during the year 2021-22 is Rs. 60,000 crore.
As per the decision of GST Council, back to back loan of Rs1.59 lakh crore has already been released in lieu of shortfall in release of GST compensation during the current financial year.
With the release of additional amount of GST compensation, the Centre has further reduced chances of it meeting the GST shortfall of states through additional borrowings.
GST compensation is being released to states and union territories every two months out of the actual cess collection.