The Goods and Services Tax, GST compensation shortfall released to States has reached to one lakh crore rupees. The Ministry of Finance, Department of Expenditure has released the 17th weekly instalment of five thousand crore rupees to the States to meet the GST compensation shortfall.
Out of this, an amount of more than four thousand 730 crore rupees has been released to 23 States and an amount of over 269 crore rupees 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, till now, 91 percent of the total estimated GST compensation shortfall has been released to the States and Union Territories with Legislative Assembly. Out of this, an amount of over 91 thousand crore rupees has been released to the States and an amount of over eight thousand 539 crore rupees has been released to the three UTs with Legislative Assembly.
The Government had set up a special borrowing window in October last year to meet the estimated shortfall of one lakh 10 thousand crore rupees in revenue arising on account of implementation of GST. The borrowings are being done through this window by the Central Government on behalf of the States and UTs.
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