GST compensation shortfall released

by Estartup India Grow Business With Us

The Ministry of Finance has declared the 19th weekly instalment of Rs. 2,104 crore to the States to fulfil the GST payment shortfall. Out of this, a percentage of Rs. 2,103.95 crore has been acquitted to 7 States and a percentage of Rs. 0.05 crore has acquitted from the Union Territory of Puducherry. In this article, we will talk about the GST compensation shortfall released to states.

Notification on GST compensation shortfall released

The Central Government has compensated the 19th weekly instalment of Rs. 2,104 crore to the States to address the GST compensation shortfalls. Out of this, a proportion of Rs. 2,103.95 crore has been released to 7 States and a quantity of Rs. 0.05 crore has been acquitted to the Union Territory of Puducherry.

Till now, 96 per cent of the full assessed GST compensation shortfall has been acquitted to the States & UTs with Legislative Assembly. Out of this, a proportion of Rs. 97,242.03 crore has been released to the States and a probability of Rs. 8,861.97 crore has been acquitted to the 3 UTs with Legislative Assembly.

Further Clarification by GST Council

Under the personal window, the Government of India has been renting in Government Stock with a term of 3 years and 5 years. The borrowing established under each tenure is equally distributed among all the States as per their GST compensation shortfall.

With the prevailing release, the proportional pending GST shortfall with admiration to renting under 5 years tenor has been determined for 23 States and 3 UTs with the legislature. Persisting 5 States have not GST income shortfall.

In addition to providing funds through the special borrowing window to meet the shortfall in earnings on account of GST implementation,

All the States have furnished their preference for Option-I. Approval for borrowing the whole following quantity of Rs.1,06,830 crore (0.50 % of GSDP) has been granted to 28 States under this restriction.

Know more about GST Compensation Shortfall released to States reaches Rs. 1.06 lakh crore