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TMI BlogGovernment of India releases balance amount of ₹ 44,000 crore to States and UTs (with Legislature) under the back-to-back loan facility in-lieu of GST compensationX X X X Extracts X X X X X X X X Extracts X X X X ..... Government of India releases balance amount of ₹ 44,000 crore to States and UTs (with Legislature) under the back-to-back loan facility in-lieu of GST compensation - Goods and Services Tax - GST Dated:- 28-10-2021 - News - The Ministry of Finance has released ₹44,000 crore today to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter taking into account earlier release of ₹ 1,15,000 crore (₹ 75,000 crore released on 15 th July, 2021 and ₹ 40,000 crore released on 07 th October, 2021), total amount released in the current financial year as back-to-back loan in-lieu of GST compensation is ₹1,59,000 crore. This release is in addition to normal GST compensation being released every 2 months out of ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tual cess collection. Subsequent to the 43 rd GST Council Meeting held on 28.05.2021 , it was decided that the Central Government would borrow ₹1.59 lakh crore and release it to States and UTs with Legislature on a back-to-back basis to meet the resource gap due to the short release of Compensation on account of inadequate amount in the Compensation Fund. This amount is as per the princ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iples adopted for a similar facility in FY 2020-21, where an amount of ₹1.10 lakh crore was released to States under a similar arrangement. This amount of ₹1.59 lakh crore 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 this financial year. The sum total of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ₹1,59,000 crore. The release of ₹44,000 crore being made now is funded from borrowings of GoI in 5-year securitiesissued in the current financial year, at a Weighted Average Yield of 5.69%. No additional market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... borrowing by 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, health infrastructure and taking up infrastructure projects. **** State/ UTs wise amount released as Back to Back Loan in lieu of GST Compensation Shortfall on 28.10.2021 (Rs. in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore) Sl. No. Name of the State/ UTs Amount 1. Andhra Pradesh 905.59 2. Assam 490.76 3. Bihar 1885.69 4. Chhattisgarh 1374 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02 5. Goa 234.28 6. Gujarat 3608.53 7. Haryana 2045.79 8. Himachal Pradesh 745.95 9. Jharkhand 687.76 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10. Karnataka 5010.90 11. Kerala 2418.49 12. Madhya Pradesh 1940.20 13. Maharashtra 3814.00 14. Meghalaya 39.18 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Odisha 1779.45 16. Punjab 3357.48 17. Rajasthan 2011.42 18. Tamil Nadu 2240.22 19. Telangana 1264.78 20. Tripur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a 111.34 21. Uttar Pradesh 2252.37 22. Uttarakhand 922.30 23. West Bengal 1778.16 24. UT of Delhi 1713.34 25. UT of J K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1064.44 26. UT of Puducherry 303.56 Total 44,000 .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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