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National News

Dec 14, 2020
8:03PM

FM releases 7th weekly installment of Rs. 6,000 crore to States to meet GST compensation shortfall

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Finance ministry has released the seventh weekly installment of Rs. 6,000 crore to the States 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 three Union Territories with Legislative Assembly Delhi, Jammu and Kashmir and Puducherry which are members of the GST Council.
 
The remaining five States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.
 
Government had set up a special borrowing window in October to meet the estimated shortfall of Rs. 1.10 Lakh crore in revenue arising on account of implementation of GST.  The borrowings have been done in seven rounds.
 
The amount released this week was the 7th instalment of such funds provided to the States.
 
So far, an amount of Rs. 42,000 crore has been borrowed by the Central Government through the special borrowing window.

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