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TMI BlogGST compensation shortfall released to States reaches ₹ 1 lakh croreX X X X Extracts X X X X X X X X Extracts X X X X ..... GST compensation shortfall released to States reaches ₹ 1 lakh crore - Goods and Services Tax - GST Dated:- 20-2-2021 - News - GST compensation shortfall released to States reaches ₹ 1 lakh crore 17th Instalment of ₹ 5,000 crore released to the States on Friday, 19th February, 2021. 91 percent of the estimated shortfall released. The Ministry of Finance, Department of Expenditure has on Friday, released the 17 th weekly instalment of ₹ 5,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of ₹ 4,730.41 crore has been released to 23 States and an amount of ₹ 269.59 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elhi, 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, 91 percent of the total estimated GST compensation shortfall has been released to the States UTs with Legislative Assembly. Out of this, an amount of ₹ 91,460.34 crore has been released to the States and an amount of ₹ 8,539.66 crore has been released to the 3 UTs with Legislative Assembly. The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of ₹ 1.10 lakh crore in revenue arising on account of implementation of GST. The borrow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings are being done through this window by the Government of India on behalf of the States and UTs. 17 rounds of borrowings have been completed so far starting from 23 rd October, 2020. Under the special window, the Government of India has been borrowing in Government Stock with tenor of 3 years and 5 years. The borrowing made under each tenor is equally divided among all the States as per their GST compensation shortfall. With the current release, the proportionate pending GST shortfall with respect to borrowing under 5 years tenure has been concluded for 16 States and 2 UTs. These States/ UTs were onboard for GST compensation release from the 1 st Installment. The amount released this week was the 17 th instal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 5.5924%. So far, an amount of ₹ 1,00,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.8307%. 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. Permissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 so far is annexed. State wise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 19.02.2021 (Rs. in crore) S. No. Name of State / UT Additional borrowing of 0.50 percent allowed to States Amount of fund ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised through special window passed on to the States/ UTs 1 Andhra Pradesh 5051 2222.71 2 Arunachal Pradesh* 143 0.00 3 Assam 1869 956.04 4 Bihar 3231 3755.77 5 Chhattisgarh 1792 2143.75 6 Goa 446 807.89 7 Gujarat 8704 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8869.60 8 Haryana 4293 4185.66 9 Himachal Pradesh 877 1651.39 10 Jharkhand 1765 1164.60 11 Karnataka 9018 11932.82 12 Kerala 4,522 4304.12 13 Madhya Pradesh 4746 4368.43 14 Maharashtra 15394 11519.31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 Manipur* 151 0.00 16 Meghalaya 194 107.73 17 Mizoram* 132 0.00 18 Nagaland* 157 0.00 19 Odisha 2858 3675.95 20 Punjab 3033 6239.58 21 Rajasthan 5462 4081.71 22 Sikkim* 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 56 0.00 23 Tamil Nadu 9627 6002.53 24 Telangana 5017 1940.95 25 Tripura 297 217.34 26 Uttar Pradesh 9703 5777.46 27 Uttarakhand 1405 2227.49 28 West Bengal 6787 3307.51 Total (A): 106830 91460.34 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Delhi Not applicable 5640.89 2 Jammu Kashmir Not applicable 2185.16 3 Puducherry Not applicable 713.61 Total (B): Not applicable 8539.66 Grand Total (A+B) 106830 100000.00 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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