GST Compensation Shortfall Released to States Reaches Rs. 1.06 lakh crore
·
19th Instalment of Rs. 2,104 crore
Released to the States on Monday, 08th March, 2021
·
96 per cent of the Estimated Shortfall of Rs.1.10 lakh crore
Released
[MoF Press Release/09.03.2021]
The Ministry of Finance, Department of Expenditure
has released the 19th weekly instalment of Rs.
2,104 crore to the States to meet the GST compensation shortfall. Out of this, an
amount of Rs. 2,103.95 crore has been released to 7 States
and an amount of Rs. 0.05 crore has been released to the
Union Territory of Puducherry.
Till now, 96 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. 97,242.03 crore
has been released to the States and an amount of Rs. 8,861.97
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. 19 rounds of borrowings have been completed so far starting from 23rd
October, 2020.
Under the special window, the Government of India
has been borrowing in Government Stock with tenure of 3 years and 5 years. The borrowing
made under each tenure 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 tenor has been concluded for 23
States and 3 UTs with legislature. Remaining 5 States have not GST compensation
shortfall.
The amount released this week was the 19th
instalment of such funds provided to the States. The amount has been borrowed
this week at an interest rate of 5.8594%. So far, an amount
of Rs. 1,06,104 crore has been borrowed by the Central
Government through the special borrowing window at an weighted average interest
rate of 4.8842%.
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 08.03.2021
|
(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 |
2306.59 |
|
2 |
Arunachal Pradesh* |
143 |
0.00 |
|
3 |
Assam |
1869 |
992.12 |
|
4 |
Bihar |
3231 |
3897.50 |
|
5 |
Chhattisgarh |
1792 |
2654.69 |
|
6 |
Goa |
446 |
838.38 |
|
7 |
Gujarat |
8704 |
9204.31 |
|
8 |
Haryana |
4293 |
4343.62 |
|
9 |
Himachal Pradesh |
877 |
1713.71 |
|
10 |
Jharkhand |
1765 |
1442.18 |
|
11 |
Karnataka |
9018 |
12383.13 |
|
12 |
Kerala |
4,522 |
4923.48 |
|
13 |
Madhya Pradesh |
4746 |
4533.28 |
|
14 |
Maharashtra |
15394 |
11954.02 |
|
15 |
Manipur* |
151 |
0.00 |
|
16 |
Meghalaya |
194 |
111.80 |
|
17 |
Mizoram* |
132 |
0.00 |
|
18 |
Nagaland* |
157 |
0.00 |
|
19 |
Odisha |
2858 |
3814.67 |
|
20 |
Punjab |
3033 |
7137.53 |
|
21 |
Rajasthan |
5462 |
4249.28 |
|
22 |
Sikkim* |
156 |
0.00 |
|
23 |
Tamil Nadu |
9627 |
6229.05 |
|
24 |
Telangana |
5017 |
2196.62 |
|
25 |
Tripura |
297 |
225.54 |
|
26 |
Uttar Pradesh |
9703 |
5995.48 |
|
27 |
Uttarakhand |
1405 |
2311.55 |
|
28 |
West Bengal |
6787 |
3783.50 |
|
|
Total (A): |
106830 |
97242.03 |
|
1 |
Delhi |
Not applicable |
5853.76 |
|
2 |
Jammu & Kashmir |
Not applicable |
2267.62 |
|
3 |
Puducherry |
Not applicable |
740.59 |
|
|
Total (B): |
Not applicable |
8861.97 |
|
|
Grand Total (A+B) |
106830 |
106104.00 |
* These States have ‘NIL’ GST compensation gap