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Ministry of Finance releases 11th weekly instalment of Rs 6,000 crore to states to meet GST revenue shortfall

Ministry of Finance releases 11th weekly instalment of Rs 6,000 crore to states to meet GST revenue shortfall
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Ministry of Finance releases 11th weekly instalment of Rs 6,000 crore to states to meet GST revenue shortfall

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The Ministry of Finance has released the 11th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.

The Ministry of Finance has released the 11th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of over Rs 5,516 crore has been released to 23 States and an amount of Rs 483 crore has been released to the three Union Territories with Legislative Assembly Delhi, Jammu and Kashmir and Puducherry. The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

The Ministry said, now 60 per cent of the estimated GST compensation shortfall has been released to the States and UT with the Legislative Assembly. Out of this, an amount of over Rs 60,000 crore has been released to the States and an amount of over Rs 5,933 crore has been released to the UTs with the Legislative Assembly.

The Central Government had set up a special borrowing window in October last year to meet the estimated shortfall of Rs 1,10,000 crore in revenue arising on account of implementation of GST. The borrowings are being done through this window by the government on behalf of the States and UTs. The borrowings have been done in 11 rounds.

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