Thursday 28th of January 2021

Follow Us

Breaking News

7th Instalment of Rs.6,000 crore released to the States as back to back loan to meet the GST compensation shortfall

 (Fast Mail) - The Ministry of Finance has released the 7th weekly instalment 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. The remaining 5 States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.

 

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. The borrwoings are being done through this window by the Government of India on behalf of the States and UTs.  The borrowings have been done in 7 rounds. The amount borrowed so far was released to the States on 23rd October, 2020, 2nd November, 2020, 9th November, 2020, 23rd November, 2020, 1st December, 2020, 7th December, 2020 and 14th December, 2020.

 

 

 The amount released this week was the 7th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 5.1348%.  So far, an amount of Rs.42,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.7712%.

 

In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.50 % of Gross States Domestic Product (GSDP) to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have been given their preference for Option-I. Permission for borrowing the entire additional amount of Rs.1,06,830 crore (0.50 % of GSDP) has been granted to 28 States under this provision.

 

The amount of additional borrowing permission granted to 28 States and the amount of funds raised through special window and released to the States and Union Territories so far is annexed.

Related Business News

Tata Steel BSL dedicates mobile health care unit in 3 Sundargarh villages

 - More than 2000 villagers to get doorstep primary health care facility   Kalmanga,SUNDARGARH - Tata Steel BSL has dedicated today a mobile primary health care unit in Kalmanga village in Sundargarh district which will give service to 3 adjoining villages.   Smt Reena Rani Kumudei,....

Indian Railways participates in the largest Vaccination Drive against COVID 19

 (Fast Mail News) - Indian Railways participated in the largest vaccination programme against COVID 19.   After the address and inauguration of the largest vaccination drive in history by the  Prime Minister, vaccination programme started today in Northern Railway Central Hospit....

Angul MP,MLAs boycott RPDAC meeting over non-execution of works

 Angul: MLAs and MP of Angul district boycotted the much-awaited most important 9th RPDAC (Rehabilitation & Periphery Development Advisory Committee) meeting on Tuesday chaired by Northern Division RDC Niranjan sahoo  alleging non-implementation of RPDAC dictates’.   The me....

First direct flight between Kalaburagi to Tirupati flagged off under UDAN

 (FastMail) - Taking another step in boosting the regional aerial connectivity in India, Star Air today commenced the direct daily flight operations from Kalaburagi, Karnataka to Tirupati, Andhra Pradesh under the RCS-UDAN (Regional Connectivity Scheme – Ude Desh Ka Aam Nagrik) of Governm....

Blue Economy is going to be an important source of AatamnirbharBharat: PM

 Development of the coastal areas and welfare of hardworking fishermen is one of the important priority of the Government: PM (FastMail) -The Prime Minister, Narendra Modi has said that the development of the coastal areas and welfare of hardworking fishermen is one of the important priority o....

Links
Contact
Editor :
Jagadananda Pradhan
Email :
fastmailcc@gmail.com
news@fastmail.news
Ph : (+91)6764295999
Contact Us
© 2021 Fast Mail Media Pvt Ltd. All Rights Reserved.
Developed by : FM Media Pvt Ltd.