Goods and Services Tax – GST Dated:- 28-12-2020 – News – 9th Instalment of ₹ 6,000 crore released to the States as back to back loan to meet the GST compensation shortfall. A total amount of ₹ 54,000 crore released so far to all States and UTs with legislation This is in addition to additional borrowing permission of ₹ 1,06,830 lakh crore granted to the States The Ministry of Finance has released the 9 th weekly instalment of ₹ 6,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of ₹ 5,516.60 crore has been released to 23 States and an amount of ₹ 483.40 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. The Government of Indiahad set up a
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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-Ito meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have been given their preference for Option-I. Permission for borrowing the entire additional amount of ₹ 1,06,830 lakh 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. Statewise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States/U
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8 8 Haryana 4293 2462.12 9 Himachal Pradesh 877 971.39 10 Jharkhand 1765 367.80 11 Karnataka 9018 7019.23 12 Kerala 4,522 1583.88 13 Madhya Pradesh 4746 2569.63 14 Maharashtra 15394 6776.23 15 Manipur* 151 0.00 16 Meghalaya 194 63.29 17 Mizoram* 132
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1310.46 28 West Bengal 6787 1217.14 Total (A): 106830 49033.16 1 Delhi Not applicable 3318.01 2 Jammu Kashmir Not applicable 1285.29 3 Puducherry Not applicable 363.54 Total (B): Not applicable 4966.84 Grand Total (A+B) 106830 54000.00 * These States have NIL GST compensation gap – News – Press release – PIB Tax Management India – taxmanagementindia – taxmanagement – taxmanagementindia.com – TMI – Ta
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