New Delhi, Mar 31 (KNN) The Centre has released Rs 30,000 crore to the states as Goods and Services Tax (GST) compensation on March 27.

"The Central Government has released GST Compensation of Rs 30,000 crore to states as part compensation admissible for FY 2020-21 on March 27, 2021. The total amount of compensation released so far for the year 2020-21 is Rs 70,000 crore," the ministry said in a statement on Tuesday.

This is over and above the Rs 1.10 lakh crore released to states under the special borrowing mechanism to compensate them for shortfall in the GST collection this financial year.

In addition, the Centre has also settled Integrated GST of Rs 28,000 crore, of which Rs 14,000 crore has been shared equally between states and the Centre.

"Taking into account the release of GST Compensation, back-to-back loan and adhoc IGST settlement, balance of only Rs 63,000 crore approx GST Compensation is pending to States/UTs for FY 2020-21," the ministry added.