You are here: Home » News-IANS » Business-Economy
Business Standard

Odisha gets Rs 1,020 cr as GST compensation in July-October

IANS  |  Bhubaneswar 

The has received Rs 1,020 crore as Goods and Services (GST) compensation for July to October this financial year, even though it recorded a increase during the same period.

The was implemented across the country on July 1.

While the received Rs 333 crore as compensation for July and August, the Union Finance Ministry has sanctioned Rs 687 crore for September and October, Finance Minister Sashi Bhusan Behera told the assembly on Monday.

Bhusan said the compensation amount, less or more, would be adjusted at the end of the financial year.

As per the (Compensation to States) Act, the states which registered below 14 per cent growth would be compensated for the loss, if any. The base year for the calculation of compensation is 2015-16.

The state had collected Rs 11,047 crore in 2015-16. With 14 per cent growth, the state expects to get Rs 14,357.76 crore in the 2017-18 financial year, Bhusan said.

However, it collected Rs 3,735.14 crore as in July-October, this financial year registering a 2.30 per cent increase against the last corresponding period.

The state had collected Rs 3,651.28 crore between July and October in 2016-17.

The state has also collected Rs 4,415.20 crore as Value Added (VAT) and Central Sales (CST) during the four months this financial year from petroleum products and liquor which are exempted from the

Out of Rs 4,415.20 crore, Indian Oil Corporation Ltd (IOCL) has paid Rs 2,934 crore in September as VAT for December 2015 to July 2017.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 17:08 IST