Ministry of Finance has released a ‘Status Note’ on GST compensation to states and UT’s on 28th April, 2022 stating that Rs. 2.78 lakh crore of compensation has been released to states for the year 2020-21 and nothing is pending for this year. It has further released Rs. 7.35 lakh crore and compensation of Rs. 78704 crore pending only for the financial year 2021-22. It has clarified that normally, compensation for ten months of April-January of any financial year is released during that year and the compensation of February-March is released only in the next financial year. As explained earlier, compensation of eight out of ten months of 2021-22 has already been released to States. The pending amount will also be released as and when amount from cess accrues in the compensation fund.
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