Finance Ministry may witness a surge of 89% in GST compensation in FY 21

11:30:00 AM, Thursday 27th of August 2020 | in business

According to the sources from the GST council, the centre may see a surge of 89% in the Goods and Services Tax compensation requirement by the states owing to the sharp decline in their tax revenue due to the novel coronavirus. According to an estimate, the states may require a whopping Rs 3.12 lakh crore in compensation. GST compensation cess requirement for the financial year 21 is estimated at around Rs. 26,000 crores per month.