Quick Summary
Ministry of Finance has released the 12th installment of Rs.6000 crore for the states and the UTs with legislation to meet the GST compensation shortfall. Till now a total of 65% of the estimated GST compensation has been released. Read the official news below: A total amount of Rs. 72,000 crore
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FAQ :
The 12th instalment of Rs 6,000 crore has been released to the states and Union Territories.
A total of Rs 72,000 crore has been released to all States and UTs with legislation to meet the GST compensation shortfall.
The shortfall is being met through a special borrowing window set up by the Government of India in October 2020, through which the government borrows on behalf of the states and UTs.
The amount borrowed this week was at an interest rate of 4.4315%. So far, the average interest rate for the Rs 72,000 crore borrowed is 4.7024%.
Yes, in addition to the funds from the borrowing window, states have been granted permission to borrow an additional Rs 1,06,830 crore, equivalent to 0.50% of their Gross State Domestic Product (GSDP).
Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim have not received any funds from the special window as they do not have a revenue gap due to GST implementation.
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