Center will take loan of 1.1 lakh crore rupees to compensate for GST loss, now opposition also happy

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Govt Rs 1.1 lakh cr borrowing window for meeting GST shortfall- India TV Paisa
Photo: PTI Govt Rs 1.1 lakh cr borrowing window for meeting GST shortfall

new Delhi. The Finance Ministry has made it clear that the Central Government will take a loan of Rs 1.1 lakh crore to meet the shortfall in the states’ Goods and Services Tax (GST) revenue collection. The ministry said in a statement that the loan would be taken in the above installments. Whatever debt will be taken will be given to the states in lieu of issuing GST compensation cess.

The central government will borrow Rs 1.1 lakh crore as compensation for the GST cess. The central government said that it will borrow Rs 1.1 lakh crore through a special window to meet the Goods and Services Tax (GST) compensation. Giving information about this, the Finance Ministry tweeted that the Central Government will borrow 1.1 lakh crore rupees to compensate for the reduction in GST compensation cess.

In a statement by the Finance Ministry, this borrowing by the central government will not affect the fiscal deficit. This amount will be shown as the capital gain of the states and will finance their respective fiscal deficit.

Giving information about this, the Center said that the Central Government will borrow 1.1 lakh crore rupees to compensate for the reduction in GST compensation cess. It was said on behalf of the government that the Center is assuming that all the states will agree to it. This loan will be taken in appropriate parts. A statement issued by the Center said that the amount borrowed would be passed on to the states as a back-to-back loan in return for GST compensation cess.

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