Home Goverment States receive Rs 1 lakh cr GST remuneration from the Center ...

States receive Rs 1 lakh cr GST remuneration from the Center which was pending since October 2020

The central Government has sent Rs 1 lakh crore to states and UTs in four months since October 2020, to meet GST pay setback, the Finance Ministry said on Saturday.

The ministry on Friday delivered the 17th week by week portion of Rs 5,000 crore to 23 states and three Union Territories (Delhi, Jammu and Kashmir, and Puducherry), taking the aggregate sum delivered so far under the unique getting window set up in October a year ago to Rs 1 lakh crore.

The leftover five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland, and Sikkim, don’t have a hole in income because of Goods and Services Tax (GST) execution.

The Center had set up an exceptional getting window in October 2020 to meet the assessed deficit of Rs 1.10 lakh crore in income emerging because of the execution of GST.

The borrowings are being done through this window by the Center in the interest of states and UTs.

Under the exceptional window, the Center has been getting in government stock with the tenor of three years and five years. The acquiring made under every tenor is similarly split between all states according to their GST pay shortage. With the current delivery, the proportionate forthcoming GST deficit regarding getting under five years tenor has been closed for 16 states and two UTs.

Till now, 91% of the all-out assessed GST remuneration deficiency has been delivered to states and UTs with Legislative Assembly (Delhi, Jammu and Kashmir, and Puducherry), the assertion said.

“A measure of Rs 1,00,000 crore has been acquired by the Central Government through the uncommon getting window at a normal financing cost of 4.83 percent…Out of this, a measure of Rs 91,460.34 crore has been delivered to states, and a measure of Rs. 8,539.66 crore has been delivered to the three UTs with Legislative Assembly,” it said.

All out 17 rounds of borrowings have been finished so far beginning from October 23, 2020.

Editorial Team
Editorial Team
Our editorial team at Training Basket is a group of experts led by the co-founder of Training Basket, Nayan. We aim to create well researched, highly detailed content related to Latest News, Jobs, and technology guides on how to grow your online business.


Please enter your comment!
Please enter your name here

Most Popular

Recent Comments