new Delhi. The central government approved 20 states to borrow Rs 68,825 crore from the open market to meet the shortfall in Goods and Services…
new Delhi. The central government approved 20 states to borrow Rs 68,825 crore from the open market to meet the shortfall in Goods and Services Tax (GST) revenue. The Finance Ministry has given this information by tweeting on Tuesday.
In an official statement released by the Department of Expenditure under the Ministry of Finance, 20 states have been approved to raise an additional amount of Rs 68,825 crore from the open market. According to the statement, states have been allowed to take additional loans at 0.5 per cent of gross state domestic product (GSDP). This approval has been given to the states, which have chosen the first of the two options given by the Ministry of Finance to meet the reduction in revenue collection due to the implementation of GST.
According to the statement issued by the ministry, the central government has approved 20 states that have chosen the first option to take additional loans from the market. These include Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand. However, eight states have not yet chosen any option.
It is noteworthy that in the meeting held a day before the GST Council, there was no consensus on the proposal of the Center to take loans from the states to meet the shortfall in GST collection. After that the Central Government has taken this decision. The total compensation in the current financial year is estimated at Rs 2.35 lakh crore. The Center gave the states two options in August. In addition to this, it was proposed to impose compensation cess on goods which are comfortable and repayable from the perspective of society, even after 2022.
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