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13th instalment of Rs 6,000 crore released for states to meet GST compensation shortfall

The Centre has released 13th weekly instalment of Rs 6,000 crore to the State to meet the Goods and Services Tax compensation shortfall, the Finance Ministry said on Monday.
13th instalment of Rs 6,000 crore released for states to meet GST compensation shortfall

The Centre has released 13th weekly instalment of Rs 6,000 crore to the State to meet the Goods and Services Tax compensation shortfall, the Finance Ministry said on Monday.

Of this, Rs 5,516.60 crore has been released to 23 States and an amount of Rs 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council.

The remaining 5 States, Arunachal Pradesh, Mpur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

This is in addition to the additional borrowing permission of Rs 1,06,830 crore granted to the States

The government had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST.

The amount has been borrowed at an interest rate of 5.3083 per cent. So far, Rs 78,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.7491 per cent.

In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the government has also granted additional borrowing permission equivalent to 0.5 per cent of Gross States Domestic Product (GSDP) to the states choosing option one.

All the states have been given their preference for option one. Permission for borrowing the entire additional amount of Rs 1,06,830 crore (0.5 per cent of GSDP) has been granted to 28 states under the provision.

( With inputs from ANI )

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