CENTRE RELEASES 17TH INSTALLMENT OF RS.5000 CRORES FOR COMPENSATION SHORT FALL IN GST

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.

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