The Finance Ministry has released the 14th weekly instalment of six thousand crore rupees to the states today to meet the GST compensation shortfall. Out of this, an amount of over five thousand five hundred 16 crore rupees has been released to 23 States and an amount of over 483 crore rupees has been released to the three Union Territories with Legislative Assembly 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 over 76 thousand six hundred 16 crore rupees
has been released to the States and an amount of over seven thousand
three hundred 83 crore rupees has been released to the three UTs with
the Legislative Assembly.
The Government of India had set up a special borrowing window in
October last year to meet the estimated shortfall of 1.10 lakh crore
rupees 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. Fourteen rounds of borrowings have
been completed so far starting from 23rd October last year.
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 4.61 per cent. So far, an amount of 84 thousand crore
rupees has been borrowed by the Central Government through the special
borrowing window at an average interest rate of 4.74 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 one lakh six thousand eight hundred 30 crore
rupees which is 0.50 per cent of GSDP has been granted to 28 states
under this provision.
SOURCE ; AIR
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