TMI Blog8th 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 ..... 8th 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:- 21-12-2020 - News - 8th Instalment of ₹ 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall A total amount of ₹ 48,000 crore released so far to all States and UTs with legislation This is in addition to additional borrowing permission of ₹ 1,06,830 crore granted to the States The Ministry of Finance has released the 8 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount 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 Oc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tober, 2020, 2 nd November, 2020, 9 th November, 2020, 23 rd November, 2020, 1 st December, 2020, 7 th December, 2020, 14 th December, 2020 and 21 st December, 2020. The amount released this week was the 8 th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 4.1902%. So far, an amount of ₹ 48,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.6986%. 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 per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mission equivalent to 0.50 % of 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 percen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 21.12.2020 (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 5051 1181.61 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 508.48 4 Bihar 3231 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1996.34 5 Chhattisgarh 1792 507.78 6 Goa 446 429.39 7 Gujarat 8704 4715.01 8 Haryana 4293 2225.19 9 Himachal Pradesh 877 877.91 10 Jharkhand 1765 275.85 11 Karnataka 9018 6343.77 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 Kerala 4,522 1269.96 13 Madhya Pradesh 4746 2322.35 14 Maharashtra 15394 6124.17 15 Manipur* 151 0.00 16 Meghalaya 194 57.19 17 Mizoram* 132 0.00 18 Nagaland* 157 0.00 19 Odisha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2858 1954.21 20 Punjab 3033 1841.04 21 Rajasthan 5462 1659.07 22 Sikkim* 156 0.00 23 Tamil Nadu 9627 3191.24 24 Telangana 5017 688.59 25 Tripura 297 115.80 26 Uttar Pradesh 9703 3071.33 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 27 Uttarakhand 1405 1184.37 28 West Bengal 6787 975.91 Total (A): 106830 43516.56 1 Delhi Not applicable 2998.70 2 Jammu Kashmir Not applicable 1161.60 3 Puducherry Not applicable 323.14 Total (B): Not applicable 4483.44 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Grand Total (A+B) 106830 48000.00 * 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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