Union Government Releases Rs 75,000 Crore To States As GST Compensation For Current Fiscal Year
by Swarajya Staff - Jul 16, 2021 04:08 AM
GST collections
Snapshot
The Union Finance Ministry announced on Thursday (Jul 15) that it has released â¹75,000 crore to the states and union territories under the back-to-back loan facility in lieu of Goods and Services Tax (GST) Compensation.
For the current fiscal year, compensation shortfall is estimated at â¹2.69 lakh crore, for which â¹1.11 lakh crore is expected to be funded from compensation cess collection, while remaining is to be paid through borrowings.
The release of â¹75,000 crore being made now is funded from borrowings of Government Of India( GoI)in 5-year securities, totalling â¹68,500 crore and 2-year securities for â¹6,500 crore
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