The Centre has released Rs 1,536.82 crore to Karanataka as compensation for loss of revenue in GST collection.
As per the order issued by the Ministry of Finance, this money is being released to the state to compensate for the loss of revenue for the month of October and November 2019 on account of implementation of the GST.
Under GST law, states were guaranteed to be paid for any loss of revenue in the first five years of the GST implementation, which came into force from July 1, 2017.
The Centre is releasing the GST compensation to states to help them to mobilise resources to fight against COVID-19.
According to sources, the finance ministry is also looking at the pending dues of states for December and January which could be released soon in phases.
Published 08 April 2020, 14:44 IST