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The Department of Expenditure, Ministry of Finance, has today granted permission to 20 States to raise an additional amount of Rs.68,825 crore through open market borrowings. Additional borrowing permission has been granted @ 0.50 % of the Gross State Domestic Product (GSDP) to those States who have opted for Option- 1 out of the two options suggested by the Ministry of Finance to meet the shortfall arising out of GST implementation. In the meeting of GST Council held on 27thAugust, 2020,
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FAQ :
The 20 states have been permitted to raise an additional Rs 68,825 crore through open market borrowings.
The borrowing is to meet the shortfall in revenue arising from the implementation of GST.
These 20 states have opted for Option 1, which was presented by the Ministry of Finance in the GST Council meeting.
States choosing Option 1 get access to a special borrowing window coordinated by the Ministry of Finance and have the condition of carrying out reforms waived for availing the final instalment of borrowing.
The states include Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh, and Uttarakhand.
Eight states are yet to exercise an option.
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