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Centre releases 19th instalment of Rs 2,104Cr to meet GST compensation shortfall

By TIOL News Service

NEW DELHI, MAR 09, 2021: THE Ministry of Finance on Tuesday released the 19th weekly instalment of Rs. 2,104 crore to the States and Union Territories (UTs) to meet the shortfall arising from the implementation of the Goods and Services Tax (GST).

The Department of Expenditure released Rs. 5 lakh to Puducherry and an amount of Rs. 2,103.95 crore to seven States. The amount has been borrowed by the government at an interest rate of 5.8594 per cent.

"Till now, 96 per cent of the total estimated GST compensation shortfall has been released to the States and UTs with Legislative Assembly," said the ministry, adding that Rs. 1,06,104 crore has been released by the government so far.

An amount of Rs. 97,242.03 crore has been released to the States and an amount of Rs. 8,861.97 crore has been released to three UTs.

The government had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs. 1.10 lakh crore in revenue from GST implementation. The borrowings are being done through this window by the government on behalf of the States and UTs.

Under the special window, the Centre has been borrowing in government stock with tenure of three years and five years. The borrowing made under each tenure is equally divided among all the States as per their GST compensation shortfall.

With the current release, the proportionate pending GST shortfall with respect to borrowing under five years tenor has been concluded for 23 States and three UTs.

The remaining five States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

In addition to providing funds through the special borrowing window to meet the GST shortfall, the government also granted additional borrowing permission equivalent to 0.50 per cent of the Gross States Domestic Product (GSDP), Rs. 1,06,830 crore, to the States to help them in mobilising additional financial resources.


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