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Top five States receiving GST compensation
February 5 , 2023
446 days
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- Tamil Nadu was among the top five GST compensation receiving States during the five-year transition period from July 2017 to June 2022.
- The Goods and Services Tax (GST) was introduced on July 1, 2017.
- June 30, 2022 marked the end of the transition period during which the States were compensated for any loss in revenue due to the implementation of the new tax regime.
- It is calculated as the difference between the projected revenue based on a 14% annual growth with 2015-16 as the base year and the actual GST revenue.
- The compensation to the States was being met through the levy of a GST compensation cess on specified goods and services.
- According to the data shared in the report, Tamil Nadu received a GST compensation of about ₹40,000 crore during the transition period.
- Tamil Nadu was the fourth highest compensation receiving State, after Maharashtra, Karnataka and Gujarat.
- Punjab stood fifth in this.
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