Quick Summary
A total amount of Rs.78,000 crore released so far to all States and UTs with legislature This is in addition to additional borrowing permission of Rs. 1,06,830 crore granted to the States The Ministry of Finance, Department of Expenditure has released the 13thweekly instalment of Rs. 6,000 crore to the States today 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 3
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)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
The 13th weekly instalment of Rs. 6,000 crore has been released to states and Union Territories to meet the GST compensation shortfall. This brings the total amount released so far to Rs. 78,000 crore.
So far, 70 percent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly.
The Government of India set up a special borrowing window in October 2020 to meet the shortfall. The borrowings are being done by the Government of India on behalf of the States and UTs.
The amount released this week was borrowed at an interest rate of 5.3083%. So far, an amount of Rs. 78,000 crore has been borrowed at an average interest rate of 4.7491%.
Yes, in addition to the special borrowing window, the Government of India has granted additional borrowing permission equivalent to 0.50% of Gross States Domestic Product (GSDP) to states choosing Option-I to meet the GST compensation shortfall.
Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim do not have a gap in revenue on account of GST implementation.
CAclubindia
