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Centre disburses Rs 6,000 cr to states for meeting GST compensation shortfall

By TIOL News Service

NEW DELHI, DEC 10, 2020: THE Central government on Wednesday released the weekly installment of Rs6,000 crore to the states to meet the GST compensation shortfall, taking the total amount released so far through the special borrowing window to Rs 36,000 crore.

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 three union territories (UTs) of Delhi, Jammu and Kashmir, and Puducherry.

The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation, said the Ministry of Finance (MoF).

All states have opted for Option-1 where the Centre will borrow an amount of Rs 1.1 lakh crore and loan it to them to meet the estimated shortfall due to the implementation of GST.

The amount released this week was the sixth such installment with an average interest rate of 4.7106%.

In addition to providing funds through the special borrowing window, states are also granted additional borrowing permission equivalent to 0.5% of their Gross State Domestic Product (GSDP) to help them in mobilising additional financial resources.

So far, permission for borrowing an additional amount of Rs 1,06,830 crore has been granted to all the states under this provision, the MoF said.


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