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Finance Ministry releases weekly instalment of Rs 6,000 crore to meet GST shortfall
The Finance Ministry on Monday released the ninth instalment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 54,000 crore. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST.
The Ministry of Finance in a statement said it has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
The Finance Ministry has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall. 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 three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry) who are members of the GST Council. The remaining 5 states Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation. The government had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST.
Centre releases Rs 6K crore loan to states to meet GST compensation shortfall
Mon, Dec 28 2020 09:16:09 PM
New Delhi, Dec 28 (IANS): The Finance Ministry has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
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 three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry) who are members of the GST Council. The remaining 5 states Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.
Search Andhra Pradesh, Madhya Pradesh to borrow more after reforms in urban local bodies The 2 states have successfully completed the set of reforms required in the functioning of ULBs as specified by the department of expenditure
The Centre has allowed two states Andhra Pradesh and Madhya Pradesh to borrow additional financial resources of Rs 4,898 crore following reforms in urban local bodies, the finance ministry said on Wednesday.
The two states have successfully completed the set of reforms required in the functioning
of ULBs as specified by the department of expenditure.
“Andhra Pradesh and Madhya Pradesh have been granted permission to mobilise additional financial resources to the tune of Rs 4,898 crore through open market borrowings. Out of these, Andhra Pradesh has received permission for Rs 2,525 crore, while Madhya Pradesh has been permitted to mobilise addit
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Andhra, MP permitted to mobilise additional financial resources of Rs 4,898 cr through open market borrowings ANI | Updated: Dec 23, 2020 17:13 IST
New Delhi [India], December 23 (ANI): Andhra Pradesh and Madhya Pradesh have taken the lead in undertaking the Urban Local Bodies reforms as the two States have successfully completed the set of reforms in the functioning of ULBs, as specified by the Department of Expenditure, the Ministry of Finance.
To motivate the States to undertake reforms in various citizen-centric sectors, the Ministry of Finance has linked a part of additional borrowing permission granted to the States to the completion of reforms.