Active Stocks
Thu Mar 28 2024 13:49:19
  1. Tata Steel share price
  2. 155.60 1.80%
  1. HDFC Bank share price
  2. 1,454.40 0.95%
  1. Power Grid Corporation Of India share price
  2. 277.00 2.20%
  1. ITC share price
  2. 430.30 0.54%
  1. State Bank Of India share price
  2. 754.80 2.83%
Business News/ News / India/  FinMin releases weekly instalment of 6,000 crore to states to meet GST compensation shortfall
BackBack

FinMin releases weekly instalment of ₹6,000 crore to states to meet GST compensation shortfall

The borrowings are being done through this window by the Centre on behalf of the States and UTs
  • The Centre had set up a special borrowing window in October, 2020 to meet the estimated shortfall of ₹1.10 lakh crore in revenue arising on account of implementation of GST
  • The remaining five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim -- do not have a gap in revenue on account of GST implementation (Bloomberg)Premium
    The remaining five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim -- do not have a gap in revenue on account of GST implementation (Bloomberg)

    NEW DELHI : The Finance Ministry on Monday released the eighth weekly instalment of 6,000 crore to the states to meet the GST compensation shortfall, taking the total amount released so far under this window to 48,000 crore.

    "The Ministry of Finance has released the 8th weekly instalment of 6,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of 5,516.60 crore has been released to 23 states and an amount of 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry)," it said in a statement.

    The remaining five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim -- do not have a gap in revenue on account of GST implementation.

    The Centre had set up a special borrowing window in October, 2020 to meet the estimated shortfall of 1.10 lakh crore in revenue arising on account of implementation of GST.

    The borrowings are being done through this window by the Centre on behalf of the States and UTs. The amount borrowed so far was released to the states on October 23, November 2, November 9, November 23, December 1, December 7, December, 14 and December 21, 2020.

    "The amount has been borrowed this week at an interest rate of 4.19 per cent So far, an amount of 48,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.69 per cent," the statement added.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 21 Dec 2020, 05:29 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App