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Rs 6K cr released to states to meet GST compensation shortfall
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SME Times News Bureau | 09 Dec, 2020
The Ministry of Finance has released the weekly instalment of Rs 6,000
crore to the states to meet the GST compensation shortfall.
Out
of this, an amount of Rs 5,516.60 crore has been released to 23 states
and an amount of Rs 483.40 crore has been released to the three Union
Territories (UT) with Legislative Assembly -- Delhi, Jammu & Kashmir
and Puducherry -- who are members of the GST Council, said a Finance
Ministry statement.
The remaining five states, Arunachal Pradesh,
Manipur, Mizoram, Nagaland and Sikkim, do not have a gap in revenue on
account of GST implementation.
The Centre is borrowing this
amount on behalf of the states and UTs through a special borrowing
window to meet the estimated shortfall of Rs 1.10 lakh crore in revenue
arising on account of GST implementation.
The amount released
this week was the sixth instalment of such funds provided to the states.
The amount has been borrowed this week at an interest rate of 4.2089
per cent. So far, an amount of Rs 36,000 crore has been borrowed by the
Central government through the special borrowing window at an average
interest rate of 4.7106 per cent.
In addition to providing funds
through the special borrowing window to meet the shortfall in revenue on
account of GST implementation, the Centre has also granted additional
borrowing permission equivalent to 0.5 per cent of states' GSDP to the
states choosing option-I to meet GST compensation shortfall to help them
in mobilising additional financial resources.
So far, permission for borrowing an additional amount of Rs 1,06,830 crore has been granted to 28 states under this provision.
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