13th Instalment of Rs.6,000 Crore Released to the States to Meet the GST Compensation Shortfall

13th Instalment of Rs.6,000 Crore Released to the States to Meet the GST Compensation Shortfall

Ministry of Finance
13th Instalment of Rs.6,000 crore released to the States to meet the GST compensation shortfall
A total amount of Rs.78,000 crore released so far to all States and UTs with legislature
This is in addition to additional borrowing permission of Rs. 1,06,830 crore granted to the States
25 JAN 2021
The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 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.
 
Till now, 70 percent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly. Out of this, an amount of Rs. 71,099.56 crore has been released to the States and an amount of Rs. 6,900.44 crore has been released to the 3 UTs with Legislative Assembly.
 
The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs. 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. 13 rounds of borrowings have been completed so far starting from 23rd October, 2020.
 
The amount released this week was the 13th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 5.3083%. So far, an amount of Rs. 78,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.7491%. 
 
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 permission 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 Rs. 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 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 18.01.2021.
(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 1810.71
2 Arunachal Pradesh* 143 0.00
3 Assam 1869 779.08
4 Bihar 3231 3059.34
5 Chhattisgarh 1792 1354.08
6 Goa 446 658.04
7 Gujarat 8704 7225.36
8 Haryana 4293 3409.84
9 Himachal Pradesh 877 1345.31
10 Jharkhand 1765 735.60
11 Karnataka 9018 9721.07
12 Kerala 4,522 2839.56
13 Madhya Pradesh 4746 3558.75
14 Maharashtra 15394 9384.47
15 Manipur* 151 0.00
16 Meghalaya 194 87.69
17 Mizoram* 132 0.00
18 Nagaland* 157 0.00
19 Odisha 2858 2994.61
20 Punjab 3033 4116.44
21 Rajasthan 5462 2912.32
22 Sikkim* 156 0.00
23 Tamil Nadu 9627 4890.14
24 Telangana 5017 1336.44
25 Tripura 297 177.30
26 Uttar Pradesh 9703 4706.53
27 Uttarakhand 1405 1814.82
28 West Bengal 6787 2182.06
Total (A): 106830 71099.56
1 Delhi Not applicable 4595.25
2 Jammu & Kashmir Not applicable 1780.05
3 Puducherry Not applicable 525.14
Total (B): Not applicable 6900.44
Grand Total (A+B) 106830 78000.00

* These States have ‘NIL’ GST compensation gap

****
Source : PIB
[https://pib.gov.in/PressReleasePage.aspx?PRID=1692107]



 

pm-yojana

Post a Comment

Previous Post Next Post