Finance Ministry releases 13th weekly instalment of Rs 6,000 crore to states to meet GST shortfall

GST implementation: The Ministry of Finance on Monday released the 13th weekly installment 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. Also Read | Kisan Gantantra Parade: Samyukta Kisan Morcha issues guidelines for farmers’ tractor march 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 and 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. Also Read | Republic Day Parade 2021: What is different this year? The amount has been borrowed this week at an interest rate of 5.3083 percent. 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 percent. State-wise additional borrowing of 0.50 percent of GSDP allowed and the amount of funds raised through a special window passed on to the States/UTs till January 18, 2021.

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