The Ministry of Finance, Department of Expenditure has on Friday, released the 17th weekly instalment of Rs.5,000 crore to the States to meet the GST compensation shortfall.
Out of this, an amount of Rs. 4,730.41 crore has been released to 23 States and an amount of Rs. 269.59 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 Pradesh, Nagaland and Sikkim do not have a 5 States, Arunachal Manipur, Mizoram, 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 Rs. 91,460.34 crore has been released to the States and an amount of Rs. 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 Rs. 1.10 lakh crore in revenue arising on account of implementation of GST.
The borrowings 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 23rd October, 2020.
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