Centre Releases 13th
Installment of Rs. 6000 crs
to States to Meet GST Compensation Shortfall
·
A Total Amount of Rs.78,000 crore Released So Far to All States
and UTs with Legislature
·
This is in Addition to Additional Borrowing Permission of Rs. 1,06,830 crore Granted to the States
The Ministry of Finance, Department of
Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States on 15 January 2021 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.
Till now, 70 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.
71,099.56 crore has been released to the States and an amount of Rs. 6,900.44 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. 13 rounds of borrowings
have been completed so far starting from 23rd October, 2020.
The amount released this week was the 13th
instalment of such funds provided to the States. The amount has been
borrowed this week at an interest rate of 5.3083%. So far, an amount of Rs. 78,000 crore has been borrowed by the Central
Government through the special borrowing window at an average interest rate of
4.7491%.
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. Permission for borrowing the entire
additional amount of Rs. 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 18.01.2021
|
(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 |
1810.71 |
|
2 |
Arunachal Pradesh* |
143 |
0.00 |
|
3 |
Assam |
1869 |
779.08 |
|
4 |
Bihar |
3231 |
3059.34 |
|
5 |
Chhattisgarh |
1792 |
1354.08 |
|
6 |
Goa |
446 |
658.04 |
|
7 |
Gujarat |
8704 |
7225.36 |
|
8 |
Haryana |
4293 |
3409.84 |
|
9 |
Himachal Pradesh |
877 |
1345.31 |
|
10 |
Jharkhand |
1765 |
735.60 |
|
11 |
Karnataka |
9018 |
9721.07 |
|
12 |
Kerala |
4,522 |
2839.56 |
|
13 |
Madhya Pradesh |
4746 |
3558.75 |
|
14 |
Maharashtra |
15394 |
9384.47 |
|
15 |
Manipur* |
151 |
0.00 |
|
16 |
Meghalaya |
194 |
87.69 |
|
17 |
Mizoram* |
132 |
0.00 |
|
18 |
Nagaland* |
157 |
0.00 |
|
19 |
Odisha |
2858 |
2994.61 |
|
20 |
Punjab |
3033 |
4116.44 |
|
21 |
Rajasthan |
5462 |
2912.32 |
|
22 |
Sikkim* |
156 |
0.00 |
|
23 |
Tamil Nadu |
9627 |
4890.14 |
|
24 |
Telangana |
5017 |
1336.44 |
|
25 |
Tripura |
297 |
177.30 |
|
26 |
Uttar Pradesh |
9703 |
4706.53 |
|
27 |
Uttarakhand |
1405 |
1814.82 |
|
28 |
West Bengal |
6787 |
2182.06 |
|
|
Total (A): |
106830 |
71099.56 |
|
1 |
Delhi |
Not applicable |
4595.25 |
|
2 |
Jammu & Kashmir |
Not applicable |
1780.05 |
|
3 |
Puducherry |
Not applicable |
525.14 |
|
|
Total (B): |
Not applicable |
6900.44 |
|
|
Grand Total (A+B) |
106830 |
78000.00 |
* These States have ‘NIL’ GST compensation gap