Government of India releases 40,000 crore to States/ UTs with Legislature in-lieu of GST compensation shortfall
GST
Dated:- 7-10-2021
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 15th 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 ye
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ment.
This amount of ₹1.59 lakh crore to be provided to States as back to back loan would be over and above the compensation in excess of ₹1 lakh crore (based on cess collection) that is estimated to be released to States/UTs with Legislature during the current financial year. The sum total of ₹2.59 lakh crore is expected to exceed the amount of GST compensation accruing in FY 2021-22.
All eligible States and UTs (with Legislature) have agreed to the arrangements of funding of the compensation shortfall under the back-to-back loan facility. For 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
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their public expenditure among other things, for improving, health infrastructure and taking up infrastructure projects.
State/ UTs wise amount released as “Back to Back Loan in lieu of GST Compensation Shortfall” on 07.10.2021
(Rs. in Crore)
Sl. No.
Name of the State/ UTs
GST Compensation shortfall released
5 year tenor
2 year tenor
Total
1.
Andhra Pradesh
483.61
339.56
823.17
2.
Assam
262.20
184.10
446.30
3.
Bihar
1,007.42
707.34
1,714.76
4.
Chhattisgarh
733.84
515.25
1249.09
5.
Goa
125.19
87.90
213.09
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
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