TMI BlogTelangana 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 ..... Telangana decides to go for Option-1 to meet the GST implementation shortfall - Goods and Services Tax - GST Dated:- 18-11-2020 - News - Telangana decides to go for Option-1 to meet the GST implementation shortfall State will get ₹ 2,380 crore through special borrowing window and also permission to raise additional ₹ 5,017crore through borrowings The Government of Telangana 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 22 other States and 3 Union Territories (Delhi, Jammu Kashmir and Puducherry) who have opted for Option-1. The States who choose Option-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ₹ 18,000 crore on behalf of the States in three instalments and has passed it on to 22 States and 3 Union Territories on 23 rd October, 2020, 2 nd November, 2020 and 9 th November, 2020. Now the Government of Telangana will receive funds raised through this window. The next instalment of borrowings is likely to be released on 23 rd November, 2020. Under the terms of Option-1, besides getting the facility of a special window for borrowings to meet the shortfall arisin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g out of GST implementation, States are also entitled to get 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 AtmnirbharAbhiyaan 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 Telangana, the Government of India has today granted the State Government of Telangana additional borrowing permission of ₹ 5,017 crore (0.5% of Telangana s GSDP). States who have opted for Option-1 are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Prades ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Telangana, 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 22 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 17.11.2020 (Rs. in Crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amount of fund raised thrugh special window passed on to the States/ UTs 1 Andhra Pradesh 5051 512.96 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 220.87 4 Bihar 3231 866.51 5 Goa 446 186.36 6 Gujarat 8704 2046.80 7 Haryana 4293 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 966.04 8 Himachal Pradesh 877 381.13 9 Karnataka 9018 2754.08 10 Madhya Pradesh 4746 1008.21 11 Maharashtra 15394 2658.85 12 Manipur* 151 0.00 13 Meghalaya 194 24.77 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 848.39 17 Rajasthan 5462 327.01 18 Sikkim* 156 0.00 19 Tamil Nadu 9627 1385.52 20 Telangana # 5017 0.00 21 Tripura 297 50.43 22 Uttar Pradesh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9703 1333.32 23 Uttarakhand 1405 514.28 Total: 88931 16085.53 1 Delhi 0.00 1301.77 2 Jammu Kashmir 0.00 504.26 3 Puducherry 0.00 108.44 Total: 0.00 1914.47 Grand Total 88931 1800 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.00 * These States have NIL GST compensation gap # Funds will be released starting from next round of borrowing. - 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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