The Centre has launched Rs 1,237 crore to Punjab as GST compensation arrears for July 2017-March 2019. Punjab Finance Minister Manpreet Singh Badal in a letter to Finance Minister Nirmala Sitharaman stated the funds got here at a “essential time” when your complete nation is dealing with the Covid-19 disaster. Stating that the Union Finance Minister has saved her promise of launch of funds, Badal stated, “On reflection I really feel that the delay has turned out to be a blessing in disguise permitting us to acquire this reserve when it will be most wanted.”
The Centre had earlier launched Rs 12,857 crore to Punjab on account of compensation for July 2017-March 2019 and with the clearance of arrears, the entire quantity paid stands at Rs 14,094 crore.
Beneath the Items and Companies Tax (GST) regulation, states are assured compensation for income loss for 5 years if their revenues don’t enhance 14 per cent on the bottom 12 months of 2015-16.