Over one lakh 15 thousand crore rupees released to States/ UTs as GST compensation in current FY: Finance Minister Nirmala Sitharaman

Over one lakh 15 thousand crore rupees have been released to the States and Union Territories as GST compensation in the present fiscal year. This was stated by Finance Minister Nirmala Sitharaman in a written reply in the Rajya Sabha today. Earlier, while replying to supplementaries in the Rajya Sabha on the collection of cess and its sharing with States, the Finance Minister said, cess is collected by the Centre for a particular purpose. She said, it cannot be kept by the Centre and it ultimately goes to the states. The Minister informed that the percentage of cess and surcharges in gross tax revenue was over 28 percent in the financial year 2021-22.

Replying to another query, she said, over 76 thousand crore rupees cess was collected till 30th of last month in the current fiscal year. On the budgetary allocation for the education sector, the Minister said, the education sector is the highest priority of this government, and over one lakh crore rupees budgetary allocation has been made for the present fiscal year.

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