NEW DELHI: The GST Council, in its 49th meeting on Saturday decided to clear the compensation dues of states till June 2022, except for instances where mandatory AG (Accountant General) certificates have not been submitted.
The Council has decided to transfer the states Rs 16,982 crore pending GST compensation for June 2022. Addressing the media after the GST Council meeting, Finance Minister Nirmala Sitharaman said though there is no amount in the GST compensation Fund, the Centre has decided to release this amount from its own resources and the same would be recouped from the future compensation cess collection.
The Centre is liable to pay GST compensation to states only till June 2022. The Cess would be collected to recover the compensation paid to states till June 2022 over and above the collection of Cess during the period. The Council on Saturday decided that the Centre would clear the admissible final GST compensation of Rs 16,524 crore to six states, which have provided revenue figures as certified by Accountant Generals of the states.