TMI BlogRajasthan decides to go for Option-1 to meet the GST implementation shortfallX X X X Extracts X X X X X X X X Extracts X X X X ..... Rajasthan decides to go for Option-1 to meet the GST implementation shortfall - Goods and Services Tax - GST Dated:- 5-11-2020 - News - Rajasthan decides to go for Option-1 to meet the GST implementation shortfall State will get ₹ 4,604 Crores through special borrowing window and also permission to raise additional ₹ 5,462 Crores through borrowings The Government of Rajasthan has communicated its acceptance for Option-1 out of the two options suggested by the Ministry of Finance to meet the shortfall in revenue arising out of GST implementation. The State has now joined 21 other States and 3 Union Territories (Delhi, Jammu Kashmir and Puducherry) who have opted for Option-1. The States who choose Option- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 are getting the amount of shortfall arising out of GST implementation through a special borrowing window put in place by the Government of India. The window has been operationalised now and the Government of India already borrowed an amount of ₹ 12,000 crores on behalf of the States in two instalments and has passed it on to 21 States and 3 Union Territories on 23 rd October, 2020 and 2 nd November, 2020. Now the Government of Rajasthan will receive funds raised through this window. The next instalment of borrowings is likely to be released on 9 th November, 2020. Under the terms of Option-1, besides getting the facility of a special window for borrowings to meet the shortfall arising out of GST implementat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, States are also entitled toget unconditional permission to borrow the final instalment of 0.50% of Gross State Domestic Product (GSDP) out of the 2% additional borrowings permitted by the Government of India, under Atmnirbhar Abhiyaan on 17 th May, 2020. This is over and above the Special Window of ₹ 1.1 lakh crores. On receipt of the choice of Option-1from the Government of Rajasthan, the Government of India has today granted the State Government of Rajasthan additional borrowing permission of ₹ 5,462 crores (0.5% of Rajasthan s GSDP). States who have opted for Option-1 are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Tripura, Tamil Nadu, Uttar Pradesh, and Uttarakhand, along with the three Union Territories of Delhi, Jammu Kashmir and Puducherry. The amount of additional borrowing permission granted to these States and the amount of funds raised through special window and released to the 21 States and 3 UTs 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 till 05.11.2020 (Rs. in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd raised through special window passed on to the States/ UTs 1 Andhra Pradesh 5051 348.81 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 150.27 4 Bihar 3231 589.15 5 Goa 446 126.70 6 Gujarat 8704 1391.78 7 Haryana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4293 656.93 8 Himachal Pradesh 877 259.18 9 Karnataka 9018 1872.84 10 Madhya Pradesh 4746 685.60 11 Maharashtra 15394 1808.14 12 Manipur* 151 0.00 13 Meghalaya 194 16.81 14 Mizoram* 132 0.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 Nagaland* 157 0.00 16 Odisha 2858 576.92 17 Rajasthan 5462 0.00 18 Sikkim* 156 0.00 19 Tamil Nadu 9627 942.24 20 Tripura 297 34.38 21 Uttar Pradesh 9703 906.66 22 Uttarakhand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1405 349.78 Total: 83914 10716.19 1 Delhi 0.00 885.19 2 Jammu Kashmir 0.00 342.88 3 Puducherry 0.00 55.74 Total: 0.00 1283.81 Grand Total 83914 12000.00 * These States have NIL GST compensation gap - News - Press ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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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