 "Budget 2022: Settlement for FY19 GST accounts gives states Rs 4,000 crore")
Apart from the devolution for this fiscal year, states received an additional Rs 24,227 crore in the Revised Estimates of 2021-22 (FY22) on account of “prior period adjustment of tax devolution,” the Budget documents show.
Close to Rs 20,000 crore is payable to states this year on account of “difference between actual collection of taxes and estimated share in taxes for the financial year 2020-21.”
But the Centre also settled a small amount, close to Rs 4,000 crore, to states on account of “un-apportioned IGST for the financial year 2018-19.”
In the initial years of GST implementation, the Centre divided a part of collected Integrated GST (IGST), which was not apportioned to either State GST (SGST) or Central GST (CGST) in 50:50 proportion with states. Correct accounting after audit resulted in the Centre requiring to settle this small sum to states this fiscal year.
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