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Centre transfers Rs 6,000 cr to 16 states for GST compensation
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SME Times News Bureau | 23 Oct, 2020
The Central government on Friday
said that it borrowed and transferred Rs 6,000 crore as first tranche
to 16 states on account of GST compensation under the special borrowing
window.
The Centre has evolved a special borrowing window to
address the shortfall in the GST collection during the year 2020-2021.
In all, 21 states and 2 Union Territories have opted for this special
window involving back-to-back borrowing coordinated by the Ministry of
Finance.
Out of these, five states did not have any shortfall on account of GST compensation.
The
Rs 6,000 crore has been transferred to Andhra Pradesh, Assam, Bihar,
Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh,
Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh,
Uttarakhand and the Union Territories of Delhi and Jammu and Kashmir.
The borrowing is at an interest rate of 5.19 percent. Tenor of borrowing is expected to be broadly in the range of 3 to 5 years.
The Centre plans to make weekly releases of Rs 6,000 crore to the states.
As
part of GST compensation settlement formula evolved by the Centre, it
is to borrow close to Rs 1,10,000 crore this year for back to back
transfers to states towards meeting their GST compensation.
The
borrowing and its interest is to be settled from realisations on account
of GST compensation cess. The GST Council has allowed levy of cess
beyond the five year transition period ending June 2022 to clear all
unmet compensation dues of states.
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