TMI BlogAll States except Jharkhand choose 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 ..... All States except Jharkhand choose Option-1 to meet the GST implementation shortfall - Goods and Services Tax - GST Dated:- 3-12-2020 - News - All States except Jharkhand choose Option-1 to meet the GST implementation shortfall Chhattisgarh has become the latest State to go for Option-1 Chhattisgarh will get ₹ 3,109 crores through special borrowing window to meet the GST implementation shortfall Permission to raise additional ₹ 1,792 crore through borrowings also issued to Chhattisgarh Government of Chhattisgarh has communicated its acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have favoured Option-1 has gone up to 27. All States except Jhar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... khand and all the 3 Union Territories with Legislative Assembly have decided in favour of Option-1. The States Union Territories who choose Option-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 since 23rd October, 2020 and the Government of India has already borrowed an amount of ₹ 30,000 crore on behalf of the States in five instalments and passed it on to the States and Union Territories, who chose Option-1. The funds borrowed through the special window were released to the States and UTs on 23rd October, 2020, 2nd November, 2020, 9th November, 2020, 23rd November, 2020 and 1st December, 2020. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Now the State of Chhattisgarh will also receive funds raised through this window starting from the next round of borrowing. Under the terms of Option-1, besides getting the facility of a special window for borrowings to meet the shortfall arising out of GST implementation, the 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 Atmanirbhar Abhiyaan on 17th May, 2020. This is over and above the Special Window of ₹ 1.1 lakh crore. On receipt of the choice of Option-1, the Government of India has granted additional borrowing permission of ₹ 1,792 crore to the State G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... overnment of Chhattisgarh (0.50 % of Chhattisgarh s GSDP). The amount of additional borrowing permission granted to 27 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/UT still 02.12.2020 (Rs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5051 804.15 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 346.12 4 Bihar 3231 1358.54 5 Chhattisgarh # 1792 0.00 6 Goa 446 292.20 7 Gujarat 8704 3208.80 8 Haryana 4293 1514.40 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 Himachal Pradesh 877 597.47 10 Karnataka 9018 4317.39 11 Kerala 4,522 328.20 12 Madhya Pradesh 4746 1580.51 13 Maharashtra 15394 4167.99 14 Manipur* 151 0.00 15 Meghalaya 194 38.89 16 Mizoram* ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 132 0.00 17 Nagaland* 157 0.00 18 Odisha 2858 1329.97 19 Punjab 3033 475.80 20 Rajasthan 5462 907.12 21 Sikkim* 156 0.00 22 Tamil Nadu 9627 2171.90 23 Telangana 5017 299.88 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 24 Tripura 297 78.90 25 Uttar Pradesh 9703 2090.21 26 Uttarakhand 1405 806.10 27 West Bengal 6787 252.22 Total (A): 105065 26966.76 1 Delhi Not applicable 2040.77 2 Jammu Kashmir Not applicable 790.53 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 Puducherry Not applicable 201.94 Total (B): Not applicable 3033.24 Grand Total (A+B) 105065 30000.00 * These States have NIL GST compensation gap # Funds will be released starting after 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
|
