Punjab government got arrears of GST compensation, know how many thousand crores were given?

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Chandigarh, Punjab has received arrears of 5890 crores as GST compensation from the Central Government till 31st May 2022. The central government released this amount on Tuesday. After which it is also being said that now from June 1, 2022, the Punjab government will not get GST compensation from the Centre. Let us tell you that the monthly protected GST collection of Punjab is Rs 2739 crores, while the government has not even touched the figure of two thousand crores yet.

If the Punjab government exceeds this monthly target, it will have no right to seek GST compensation from the Centre. However, the Punjab government is still demanding an extension of this time limit to 5 years. At the same time, Haryana has received compensation of 1385 crores and Himachal 838 crores.

Why is the central government giving GST compensation?
Talking about GST collection alone, Punjab’s GST collection in 2017-18 was Rs 7897 crores which increased to 16828 crores in 2021-22, according to the GST agreement, Punjab should have got 32868 crores as GST till this date.

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Even now the figure of two thousand crores has not been touched. If the Punjab government exceeds this monthly target, it will have no right to seek GST compensation from the Centre. However, the Punjab government is still demanding an extension of this time limit to 5 years. At the same time, Haryana has received compensation of 1385 crores and Himachal 838 crores.