The Centre releases 17th instalment of Rs.5000 crores to state for GST compensation short fall in the Collection of Goods and Service Tax, taking total amount release as far through special borrowing sum of Rs.1 lakh crores the finance ministry said on Saturday.
” Till now, 91% of the total estimated GST compensation shortfall has been released to the States with Legislative Assembly” the ministry said.
Out of this amount released for
Rs. 91,460.34 crore States
Rs. 8,539.66 crore Union Territories with the Legislative assembly.
Of the Weekly Instalment, released on Friday,
Rs. 4,730.41 crores 23 States
Rs.269.59 crores 3 Union territories.
The centre offered the state with two borrowing options,
Rs.97,000 crore and Rs.2.35 lakh crore with different sets of conditions for each to meet the GST compensation shortfall. And the Centre gives the option by increasing the borrowing to Rs. 1.1 lakh crore. Firstly most of some states declined to take any option but later to choose the first option.