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Govt. releases 12th weekly installment of Rs 6,000 crore to States and UTs to meet GST compensation shortfall

The Department of Expenditure has released the twelfth weekly installment of Rs 6,000 crore to the States and Union Territories today to meet the GST compensation shortfall.

The Department of Expenditure has released the twelfth weekly installment of Rs 6,000 crore to the States and Union Territories today 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 three Union Territories (UT) with Legislative Assembly (Delhi, Jammu and Kashmir and Puducherry) who are members of the GST Council.

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

Till now, 65 per cent of the total estimated GST compensation shortfall has been released to the States and UTs with the Legislative Assembly. Out of this, an amount of Rs 65,582.96 crore has been released to the States and an amount of Rs 6,417.04 crore has been released to the three UTs with the 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.

Twelve rounds of borrowings have been completed so far starting from 23rd of October.

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