TaxTMI 
TaxTMI 
Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of 9,627 crore
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....amil Nadu goes for Option-1, gets permission to borrow an additional amount of 9,627 crore <br>GST<br>Dated:- 14-10-2020<br><BR>Tamil Nadu goes for Option-1, gets permission to borrow an additional amount of ₹ 9,627 crore 21 States now allowed to mobilize ₹ 78,452 crore in addition to ₹ 1.1 lakh crore to meet the shortfall arising out of GST implementation The Department of Exp....
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....enditure, Ministry of Finance, has today granted permission to Tamil Nadu to raise an additional amount of ₹ 9,627 crore through open market borrowings. The permission was issued after the State formally communicated its acceptance for Option-1 to meet the shortfall arising out of GST implementation. 21 States and 2 Union Territories, Delhi and Jammu & Kashmir, have so far requested Option-1....
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..... Yesterday, the Department of Expenditure had issued permission to 20 States to raise an additional amount of ₹ 68,825 crore through open market borrowings. With today's permission, 21 States have been granted permission to mobilize ₹ 78,542 crore so far. The borrowing permission issued to the 21 States is over and above the borrowing permission of around ₹ 1.10 lakh crore to ....
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....be issued to enable the States to meet the revenue shortfall arising out of GST implementation. A special window is being created by the Ministry of Finance to facilitate this borrowing. The current additional borrowing permission has been granted @ 0.50% of the Gross State Domestic Product (GSDP) to those States who have opted for Option-1 out of the two options suggested by the Ministry of Fina....
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....nce. 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, States are also entitled to get unconditional permission to borrow the final instalment of 0.50% of GSDP out of the 2% additional borrowings permitted by the Government of India, under Atmanirbhar Abhiyaan on 17th May, 2020. This is over and abo....
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....ve the Special Window of ₹ 1.1 lakh crore. Twenty States who were granted the permission yesterday were - Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand.<BR> News - Press release - PIB....