Goods and Services Tax – GST Dated:- 1-3-2021 – News – GST compensation shortfall released to States reaches ₹ 1.04 Lakh crore 18th Instalment of ₹ 4,000 crore released to the States on Monday, 1st March, 2021 94 percent of the estimated shortfall released The Ministry of Finance, Department of Expenditure has on Friday, released the 18 th weekly instalment of ₹ 4,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of ₹ 3,677.74 crore has been released to 23 States and an amount of ₹ 322.26 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, 94 percent of the total estimated GST compensation shortfall has been released to the States UT
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week at an interest rate of 4.7924%. So far, an amount of ₹ 1,04,000 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8236%. 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 ₹ 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
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oa 446 838.38 7 Gujarat 8704 9204.31 8 Haryana 4293 4343.62 9 Himachal Pradesh 877 1713.71 10 Jharkhand 1765 1225.90 11 Karnataka 9018 12383.13 12 Kerala 4,522 4513.40 13 Madhya Pradesh 4746 4533.28 14 Maharashtra 15394 11954.02 15 Manipur* 151 0.00 16
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Uttar Pradesh 9703 5995.48 27 Uttarakhand 1405 2311.55 28 West Bengal 6787 3468.33 Total (A): 106830 95138.08 1 Delhi Not applicable 5853.76 2 Jammu Kashmir Not applicable 2267.62 3 Puducherry Not applicable 740.54 Total (B): Not applicable 8861.92 Grand Total (A+B) 106830 104000.00 * These States have NIL
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