Fin Min releases final weekly instalment of Rs 4,104 cr to States to meet GST compensation shortfall

Ministry of Finance has released the final weekly instalment of 4 thousand 104 crore rupees to the States to meet the GST compensation shortfall.

Ministry of Finance has released the final weekly instalment of 4 thousand 104 crore rupees to the States to meet the GST compensation shortfall.

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Out of this, an amount of nearly 4 thousand 87 crore rupees has been released to 23 States and while around 17 crore rupees to the three Union Territories- Delhi, Jammu and Kashmir and Puducherry.

The Ministry in a statement said that with the current release of the amount, 100 percent of the total estimated GST compensation shortfall of 1.10 lakh crore rupees for the year 2020-21 has now been released to the States and UTs.

Out of this, an amount of one lakh one thousand 329 crore rupees has been released to the States and 8 thousand 879 crore rupees to the 3 UTs.

The Government had set up a special borrowing window in October last year to meet the estimated shortfall of 1.10 lakh crore rupees in revenue arising on account of implementation of GST. The borrowings are being done through a window by the Centre on behalf of the States and UTs.

Starting from 23rd October, 2020, the borrowings were completed in 20 weekly instalments. The Ministry said, the amount released this week was the 20th instalment of such funds provided to the States.

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