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12th instalment of Rs 6K cr released to states
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SME Times News Bureau | 19 Jan, 2021
The Finance Ministry on Monday released the 12th 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 3 Union
Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir
and Puducherry) who are members of the GST Council. The remaining 5
states - Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim - do
not have a gap in revenue on account of GST implementation.
Till
now, 65 per cent of the total estimated GST compensation shortfall has
been released to the states and UT with Legislative Assembly. Out of
this, an amount of Rs 65,582.96 crore has been released to the states
and an amount of Rs 6,417.04 crore has been released to the three UTs
with Legislative Assembly.
The Centre 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. 12 rounds of borrowings have been
completed so far starting from October 23, 2020.
The amount
released this week was the 12th instalment of such funds provided to the
states. The amount has been borrowed this week at an interest rate of
4.4315 per cent. So far, an amount of Rs 72,000 crore has been borrowed
by the central government through the special borrowing window at an
average interest rate of 4.7024 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 of
India 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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