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Rs 6K Cr given to states to meet GST compensation shortfall
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SME Times News Bureau | 04 Feb, 2021
Finance Ministry has released the 14th weekly instalment of Rs 6,000
crore to the states on Wednesday 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,
& Puducherry) who are members of the GST Council. The remaining
five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim
-- do not have a gap in revenue on account of GST implementation.
Till
now, 76 per cent of the total estimated GST compensation shortfall has
been released to the states and UTs with the Legislative Assembly. Out
of this, an amount of Rs 76,616.16 crore has been released to the states
and an amount of Rs 7,383.84 crore has been released to the three UTs
with the Legislative Assembly.
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 borrowings are being done through this window
by the Government of India on behalf of the states and UTs. A total of
14 rounds of borrowings have been completed so far starting from October
23, 2020.
The amount released this week was the 14th instalment
of such funds provided to the states. The amount has been borrowed this
week at an interest rate of 4.6144 per cent.
So far, an amount of
Rs 84,000 crore has been borrowed by the Central Government through the
special borrowing window at an average interest rate of 4.7395%.
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
0.50 per cent of Gross States Domestic Product (GSDP) to the states
choosing Option-I to meet GST compensation shortfall to help them in
mobilising additional financial resources. All the states have given
their preference for Option-I. Permission for borrowing the entire
additional amount of Rs 1,06,830 crore (0.50 per cent of GSDP) has been
granted to 28 states under this provision.
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