GST shortfall: Centre releases 8th instalment of Rs 6,000 crore to states
A total amount of Rs 48,000 crore has been released so far to all states and UTs to meet the GST compensation shortfall caused by the COVID-19 pandemic
BusinessToday.In | December 21, 2020 | Updated 22:40 IST
Govt releases eighth weekly instalment of Rs 6,000 crore to the states
The Ministry of Finance on Monday said it has released the eighth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall caused by the COVID-19 pandemic. Out of this, an amount of Rs 5,516.60 crore has been released to 23 states and an amount of Rs 483.40 crore has been released to the 3 union territories (Delhi, Jammu and Kashmir, and Puducherry) who are members of the GST Council. A total amount of Rs 48,000 crore has been released so far to all these states and UTs.
8th instalment of Rs 6,000 crore released to States to meet GST compensation shortfall
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States get more time for push citizen-centric reforms for additional borrowing
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The Finance Ministry has extended the deadline till February 15 for states to implement reforms like one-nation one ration card and those in the power sector to become eligible for additional borrowing in the current fiscal, a release said. To meet the extra fund requirements of states on account of COVID-19 pandemic, the Centre in May had decided to raise the borrowing limit of the states by 2 per cent of their GSDP, over and above the 3 per cent limit set under the Fiscal Responsibility and Budget Management (FRBM) Act. However, states were required to complete four specific reforms implementation of one nation one ration card, ease of doing business reform, urban local body/ utility reforms and power sector reforms by December 31, 2020, to get the benefits.