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    GST compensation shortfall released to states reaches Rs 1.06 lakh crore

    GST compensation shortfall released to states reaches Rs 1.06 lakh crore

    GST compensation shortfall released to states reaches Rs 1.06 lakh crore
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    By CNBCTV18.com  IST (Updated)

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    Including this installment, a total of Rs 1.06 lakh crore has been released to the states so far

    The Ministry of Finance and the Department of Expenditure have released the 19th weekly installment of Rs 2,104 crore to the States to meet the GST compensation shortfall. Including this installment, a total of Rs 1.06 lakh crore has been released to the states so far.
    Until now, 96 percent of the total estimated GST compensation shortfall has been released to states and UTs, the ministry said in a press note.
    In this installment, Rs 2,103.95 crore has been released to seven states and an amount of Rs 5 lakh has been released to Puducherry. Out of the Rs 1.06 lakh crore, Rs 97,242.03 crore has been released to the states and Rs 8,861.97 crore has been released to the 3 UTs.
    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 on behalf of the states and UTs. 19 rounds of borrowings have been completed so far since October 23, 2020.
    "The amount released this week was the 19th installment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 5.85 percent. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at a weighted average interest rate of 4.88 percent," it statement read.
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