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The government on Thursday said it has released Rs 75,000 crore to the states and Union Territories to compensate them for the shortfall in GST revenue.

The GST Council in its meeting on May 28 had decided that the central government would borrow Rs 1.59 lakh crore and release it to the states and UTs with the legislature on a back-to-back basis to meet the resource gap due to the short release of compensation on account of inadequate amount in the compensation fund.

This will be helpful for all states in this Covid situation . Many state in financial crisis now due to covid lockdown .Specially In Kerala and Delhi no other income other than Liquor and Fuel TAX . Kerala will get 3765.01 + 357.26=4122.27 CR AND UT of Delhi 2668.12 + 253.18 = 2921.30 CR 

"Ministry of Finance has released today Rs 75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. This release is in addition to normal GST compensation being released every 2 months out of actual cess collection," the ministry said in a statement.

It further said that all eligible states and UTs (with the legislature) have agreed to the arrangements for the funding of the compensation shortfall under the back-to-back loan facility.

"For effective response and management of COVID-19 pandemic and a step-up in capital expenditure, all States and UTs have a very important role to play. For assisting the States/UTs in their endeavour, Ministry of Finance has front-loaded the release of assistance under the back-to-back loan facility during FY 2021-22 Rs 75,000 crore (almost 50 per cent of the total shortfall for the entire year) released today in a single instalment," the ministry added.

The balance amount will be released in the second half of 2021-22 in steady instalments.

Finance Minister Nirmala Sitharaman Tweeted 

₹ 75,000 crore released to States and UTs with Legislature as #GST Compensation shortfall

Almost 50 % of the total shortfall for the entire year released in a single instalment.
https://t.co/h1IFt3Ps59

— Nirmala Sitharaman (@nsitharaman) July 15, 2021

Ministry of Finance Tweeted Full List 

✅₹ 75,000 crore released to States and UTs with Legislature as GST Compensation shortfall
✅Almost 50 % of the total shortfall for the entire year released in a single instalment

Read more➡️ https://t.co/I1y4kRMMDw
(1/7) pic.twitter.com/yP3CVvtyyi

— Ministry of Finance (@FinMinIndia) July 15, 2021