As per the recent tweet of PIB in Maharashtra, the GST compensation cess, same formula as last year to be adopted this year too Rough estimate is that Centre will have to borrow Rs. 1.58 Lakh Crore and pass it on to States.
As we are in the last of the 5 years of 14% compensation protected revenue arrangement, I have assured the members, we’ll hold a special session of GST Council, exclusively on single-point agenda of, how compensation cess be collected, how long, how much, beyond July 2022.
Source from: https://twitter.com/PIBMumbai/status/1398296328346562560