GST compensation shortfall released to States reaches 1.04 Lakh crore

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....ST compensation shortfall released to States reaches 1.04 Lakh crore <br>GST<br>Dated:- 1-3-2021<br><BR>GST compensation shortfall released to States reaches &#8377; 1.04 Lakh crore 18th Instalment of &#8377; 4,000 crore released to the States on Monday, 1st March, 2021 94 percent of the estimated shortfall released The Ministry of Finance, Department of Expenditure has on Friday, released the ....

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....18th weekly instalment of &#8377; 4,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of &#8377; 3,677.74 crore has been released to 23 States and an amount of &#8377; 322.26 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, Arunacha....

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....l Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation. Till now, 94 percent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly. Out of this, an amount of &#8377; 95,138.08 crore has been released to the States and an amount of &#8377; 8,861.92 crore has been released to the 3 UT....

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....s with Legislative Assembly. The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of &#8377; 1.10 Lakh crore in revenue arising on account of implementation of GST. The borrowings are being done through this window by the Government of India on behalf of the States and UTs. 18 rounds of borrowings have been completed so far starting from 2....

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....3rd October, 2020. Under the special window, the Government of India has been borrowing in Government Stock with tenor of 3 years and 5 years. The borrowing made under each tenor is equally divided among all the States as per their GST compensation shortfall. The amount released this week was the 18th instalment of such funds provided to the States. The amount has been borrowed this week at an i....

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....nterest rate of 4.7924%. So far, an amount of &#8377; 1,04,000 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8236%. 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 pe....

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....rmission 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 given their preference for Option-I. Permission for borrowing the entire additional amount of &#8377; 1,06,830 crore (0.50 % of GSDP) has been granted to 28 States under this provision....

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..... 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 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 01.03.2021 (Rs. in Crore) S. No. Name of State / UT Add....

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....itional 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 2306.59 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 992.12 4 Bihar 3231 3897.50 5 Chhattisgarh 1792 2256.59 6 Goa 446 838.38 7 Gujarat 8704 9204.31 8 Haryana 4293 4343.62 9 Himachal Pradesh 877 1713.71 10 Jharkha....

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....nd 1765 1225.90 11 Karnataka 9018 12383.13 12 Kerala 4,522 4513.40 13 Madhya Pradesh 4746 4533.28 14 Maharashtra 15394 11954.02 15 Manipur* 151 0.00 16 Meghalaya 194 111.80 17 Mizoram* 132 0.00 18 Nagaland* 157 0.00 19 Odisha 2858 3814.67 20 Punjab 3033 6542.97 21 Rajasthan 5462 4248.81 22 Sikkim* 156 0.00 23 Tamil Nadu 9627 6229.05 24 Telang....

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....ana 5017 2027.33 25 Tripura 297 225.54 26 Uttar Pradesh 9703 5995.48 27 Uttarakhand 1405 2311.55 28 West Bengal 6787 3468.33 Total (A): 106830 95138.08 1 Delhi Not applicable 5853.76 2 Jammu & Kashmir Not applicable 2267.62 3 Puducherry Not applicable 740.54 Total (B): Not applicable 8861.92 Grand Total (A+B) 106830 104000.00 * These States have 'NIL' GST c....

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....ompensation gap<BR> News - Press release - PIB....