TMI Blog7th Instalment of ₹ 6,000 crore released to the States as back to back loan to meet the GST compensation shortfallX X X X Extracts X X X X X X X X Extracts X X X X ..... 7th Instalment of ₹ 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall - Goods and Services Tax - GST Dated:- 14-12-2020 - News - 7th Instalment of ₹ 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall A total amount of ₹ 42,000 crore released so far to all States and UTs with legislation This is in addition to additional borrowing permission of ₹ 1,06,830 granted to the States The Ministry of Finance has released the 7 th weekly instalment of ₹ 6,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of ₹ 5,516.60 crore has been released to 23 States and an amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ₹ 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu Kashmir Puducherry) who are members of the GST Council. The remaining 5 States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation. The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of ₹ 1.10 Lakh crore in revenue arising on account of implementation of GST. The borrwoings are being done through this window by the Government of India on behalf of the States and UTs. The borrowings have been done in 7 rounds. The amount borrowed so far was released to the States on 23 rd October, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020, 2 nd November, 2020, 9 th November, 2020, 23 rd November, 2020, 1 st December, 2020, 7 th December, 2020 and 14 th December, 2020. The amount released this week was the 7 th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 5.1348%. So far, an amount of ₹ 42,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.7712%. In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.50 % of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gross States Domestic Product (GSDP) to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have been given their preference for Option-I. Permission for borrowing the entire additional amount of ₹ 1,06,830 crore (0.50 % of GSDP) has been granted to 28 States under this provision. The amount of additional borrowing permission granted to 28 States and the amount of funds raised through special window and released to the States and Union Territories so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 14.12.2020 (Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fund raised through special window passed on to the States/ UTs 1 Andhra Pradesh 5051 1055.79 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 454.36 4 Bihar 3231 1783.74 5 Chhattisgarh 1792 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 338.52 6 Goa 446 383.66 7 Gujarat 8704 4212.94 8 Haryana 4293 1988.26 9 Himachal Pradesh 877 784.43 10 Jharkhand 1765 183.90 11 Karnataka 9018 5668.31 12 Kerala 4,522 956.04 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Madhya Pradesh 4746 2075.07 14 Maharashtra 15394 5472.11 15 Manipur* 151 0.00 16 Meghalaya 194 51.09 17 Mizoram* 132 0.00 18 Nagaland* 157 0.00 19 Odisha 2858 1746.13 20 Punjab 3033 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1385.96 21 Rajasthan 5462 1408.42 22 Sikkim* 156 0.00 23 Tamil Nadu 9627 2851.46 24 Telangana 5017 559.02 25 Tripura 297 103.50 26 Uttar Pradesh 9703 2744.29 27 Uttarakhand 1405 1058.28 28 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... West Bengal 6787 734.68 Total (A): 106830 37999.96 1 Delhi Not applicable 2679.39 2 Jammu Kashmir Not applicable 1037.91 3 Puducherry Not applicable 282.74 Total (B): Not applicable 4000.04 Grand Total (A+B) 106830 42000.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... * These States have NIL GST compensation gap - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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