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National News

Jan 11, 2021
8:23PM

Ministry of Finance releases 11th weekly installment of six thousand crore rupees to states to meet GST revenue shortfall

Tweeted By AIR
The Ministry of Finance has released the 11th weekly installment of six thousand crore rupees to the states to meet the GST compensation shortfall. Out of this, an amount of over five thousand 516 crore rupees has been released to 23 States and an amount of 483 crore rupees has been released to the three Union Territories with Legislative Assembly Delhi, Jammu and Kashmir and Puducherry. The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

The Ministry said, now 60 per cent of the estimated GST compensation shortfall has been released to the States and UT with the Legislative Assembly. Out of this, an amount of over 60 thousand crore rupees has been released to the States and an amount of over five thousand 933 crore rupees has been released to the UTs with the Legislative Assembly.

The Central Government had set up a special borrowing window in October last year to meet the estimated shortfall of one lakh 10 thousand crore rupees in revenue arising on account of implementation of GST. The borrowings are being done through this window by the government on behalf of the States and UTs. The borrowings have been done in 11 rounds.

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