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
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
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.
CAclubindia
