Home » Finance » 16th Instalment of Rs.5,000 crore released to the States to meet the GST compensation shortfall.

16th Instalment of Rs.5,000 crore released to the States to meet the GST compensation shortfall.

The Ministry of Finance, Department of Expenditure has released the 16th weekly instalment of Rs.5,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs.4,597.16 crore has been released to 23 States and an amount of Rs.402.84 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, 86 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.86,729.93 crore has been released to the States and an amount of Rs.8,270.07 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. 16 rounds of borrowings have been completed so far starting from 23rd October, 2020.

The amount released this week was the 16th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 4.6480%. So far, an amount of Rs.95,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.7831%.

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 15.02.2021

(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 2167.20
2 Arunachal Pradesh* 143 0.00
3 Assam 1869 932.42
4 Bihar 3231 3661.70
5 Chhattisgarh 1792 1833.65
6 Goa 446 787.61
7 Gujarat 8704 8647.89
8 Haryana 4293 4081.14
9 Himachal Pradesh 877 1610.17
10 Jharkhand 1765 996.13
11 Karnataka 9018 11634.88
12 Kerala 4,522 3729.00
13 Madhya Pradesh 4746 4259.37
14 Maharashtra 15394 11231.97
15 Manipur* 151 0.00
16 Meghalaya 194 104.97
17 Mizoram* 132 0.00
18 Nagaland* 157 0.00
19 Odisha 2858 3584.17
20 Punjab 3033 5405.84
21 Rajasthan 5462 3622.50
22 Sikkim* 156 0.00
23 Tamil Nadu 9627 5852.85
24 Telangana 5017 1703.56
25 Tripura 297 212.15
26 Uttar Pradesh 9703 5633.14
27 Uttarakhand 1405 2172.07
28 West Bengal 6787 2865.55
Total (A): 106830 86729.93
1 Delhi Not applicable 5499.96
2 Jammu & Kashmir Not applicable 2130.51
3 Puducherry Not applicable 639.60
Total (B): Not applicable 8270.07
Grand Total (A+B) 106830 95000.00

* These States have ‘NIL’ GST compensation gap

 

 

About IIPnews

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

India Post Payment Bank

India Post Payments Bank (IPPB) is a scheduled payment bank offering a range of products ...

Exchange Rate Notification No. 66/2022 – Customs (N.T.)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 ...

GST Revenue collection for July second highest ever & 28% higher than the revenues in the same month last year

The gross GST revenue collected in the month of July 2022 is ₹1,48,995 crore of which ...

Coal Royalty to Different States During the last Ten Years

The details of royalty given on coal to various States during last 10 years, year ...

SUMMARY OF UNION BUDGET 2022-23

India’s economic growth in the current year is estimated to be 9.2 per cent, highest ...

ECONOMY OF ODISHA – A 360 GLANCE

Reforms serve as the tools which enable Odisha Government to meet organizational challenges creating opportunities ...

Scheduled Commercial Banks recover Rs 90 crore from financial frauds in last 5 years

Cyber financial frauds in banking primarily relate to frauds that have taken place on ATM/ ...

Strategic disinvestment of Air India and its identified subsidiaries/JVs

On account of huge accumulated debt of Air India, Government followed Enterprise Value (EV) bidding ...

More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department; Taxpayers who are yet to file their ITRs for AY 2021-22 advised to file at the earliest

More than 3 crore Income Tax Returns have now been filed on the new e-Filing ...

Foreign Investmen

The details of foreign investment reported through routes of Foreign Direct Investment (FDI) inflow and ...

WP2Social Auto Publish Powered By : XYZScripts.com