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6th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall

 Ministry of Finance 6th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall A t...

 Ministry of Finance

6th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall

A total amount of Rs.36,000 crore released so far

This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States

The Ministry of Finance has released the weekly instalment of Rs. 6,000 crore to the States to meet the GST compensation shortfall.  Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs.483.40 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 5 States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

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The Government of India is borrowing this amount on behalf of the States and UTs through a special borrowing window to meet the estimated shortfall of Rs.1.10 lakh crore in revenue arising on account of GST implementation. 

The amount released this week was the 6th instalment of such funds provided to the States.  The amount has been borrowed this week at an interest rate of 4.2089 %.  So far, an amount of Rs. 36,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.7106%. 

GST compensation shortfall

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 0.5% of States’ GSDP to the states choosing option-I to meet GST compensation shortfall to help them in mobilising additional financial resources.  So far, permission for borrowing an additional amount of Rs. 1,06,830 crore 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.

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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 09.12.2020

(Rs. in Crore)

S. No.

Name of State / UT

Additional borrowing of 0.50 percent allowed to States

Amount of fund raised through special window passed on to the States/ UTs

1

Andhra Pradesh

5051

929.97

2

Arunachal Pradesh*

143

0.00

3

Assam

1869

400.24

4

Bihar

3231

1571.14

5

Chhattisgarh

1792

169.26

6

Goa

446

337.93

7

Gujarat

8704

3710.87

8

Haryana

4293

1751.33

9

Himachal Pradesh

877

690.95

10

Jharkhand

1765

91.95

11

Karnataka

9018

4992.85

12

Kerala

4,522

642.12

13

Madhya Pradesh

4746

1827.79

14

Maharashtra

15394

4820.05

15

Manipur*

151

0.00

16

Meghalaya

194

44.99

17

Mizoram*

132

0.00

18

Nagaland*

157

0.00

19

Odisha

2858

1538.05

20

Punjab

3033

930.88

21

Rajasthan

5462

1157.77

22

Sikkim*

156

0.00

23

Tamil Nadu

9627

2511.68

24

Telangana

5017

429.45

25

Tripura

297

91.20

26

Uttar Pradesh

9703

2417.25

27

Uttarakhand

1405

932.19

28

West Bengal

6787

493.45

Total (A):

106830

32483.36

1

Delhi

Not applicable

2360.08

2

Jammu & Kashmir

Not applicable

914.22

3

Puducherry

Not applicable

242.34

Total (B):

Not applicable

3516.64

Grand Total (A+B)

106830

36000.00

* These States have ‘NIL’ GST compensation gap

Source : PIB

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Indian Govt Scheme - Sarkari Yojna - सरकारी योजना: 6th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall
6th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall
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Indian Govt Scheme - Sarkari Yojna - सरकारी योजना
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