Quick Summary
The Ministry of Finance has released Rs. 44,000 crore today to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. After taking into account earlier release of Rs. 1,15,000 crore (Rs. 75,000 crore released on 15th July, 2021 and Rs. 40,000 crore rele
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FAQ :
The Ministry of Finance has released Rs 44,000 crore to States and UTs with a Legislature today.
This amount is released in lieu of GST Compensation, specifically as a back-to-back loan facility to meet the resource gap.
Including previous releases, the total amount released as a back-to-back loan in lieu of GST compensation this financial year is Rs 1,59,000 crore.
Following the 43rd GST Council Meeting on May 28, 2021, it was decided that the Central Government would borrow funds to release to States and UTs with Legislature on a back-to-back basis.
This release is funded from borrowings of the Government of India in 5-year securities issued in the current financial year.
It is expected that this release will assist States/UTs in planning their public expenditure, including for improving health infrastructure and undertaking infrastructure projects.
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