Goods and Services Tax – GST Dated:- 7-10-2021 – News – Government of India releases ₹ 40,000 crore to States/ UTs with Legislature in-lieu of GST compensation shortfall Total amount of ₹ 1,15,000 crore released in current year to meet GST compensation shortfall The Ministry of Finance today released an amount of ₹40,000 crore to the States and UTs with Legislature under the back-to-back loan facility to meet the shortfall in GST Compensation. Earlier on 15 th July, 2021 an amount of ₹75,000 crore was released to the States UTs with legislature. With the current release, the total amount released in the current financial year as back to back loan in-lieu of GST compensation has reached to ₹1,15,000 crore. This release is in addition to normal GST compensation being released every 2 months out of actual cess collection. Subsequent to the 43 rd GST Council Meeting held on 28.05.2021, it has been decided by the Central Government that it
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effective response and management of COVID-19 pandemic and a step-up in capital expenditure all States and UTs have a very important role to play. For assisting the States/UTs in their endeavour, Ministry of Finance has frontloaded the release of assistance under the back-to-back loan facility during FY 2021-22 of ₹1,15,000 crore (more than 72 percent of the total estimated shortfall for the entire year). The balance amount will be released in due course. The release of ₹40,000 crore made today is funded from borrowings of GoI in 5-year securities, totalling ₹23,500 crores and 2-year securities for ₹16,500 crore issued in the current financial year, at a Weighted Average Yield of 5.69 and 4.16 percent per annum respectively. No additional market borrowing by the Central Government is envisaged on account of this release. It is expected that this release will help the States/UTs in planning their public expenditure among other things, for improving, heal
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9 6. Gujarat 1,927.34 1,353.24 3,280.58 7. Haryana 1,092.85 767.32 1,860.17 8. Himachal Pradesh 398.33 279.68 678.01 9. Jharkhand 367.14 257.78 624.92 10. Karnataka 2,676.56 1,879.28 4,555.84 11. Kerala 1,291.65 906.90 2,198.55 12. Madhya Pradesh 1,036.24 727.57 1,763.81 13. Maharashtra 2,037.01 1,430.24 3,46
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