New Delhi: The Centre has released Rs 91.78 crore to Odisha as 17th weekly instalment to meet the GST compensation shortfall.
With the release of this instalment, the Union government has released Rs 3675.95 crore to the state till now to meet the shortfall in GST compensation.
The Centre has also allowed Rs 2,858 crore additional borrowings to Odisha to meet GST compensation shortfall to help it in mobilising additional financial resources.
According to the Ministry of Finance, Rs 5,000 crore as back-to-back loan to states to meet the GST compensation shortfall has been released as 16th weekly instalment Monday. The Union government has released Rs 4,730.41 crore to 23 states and an amount of Rs 269.59 crore has been released to the three Union Territories (UTs) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry) who are members of the GST Council. The Finance ministry said that remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.
The ministry also informed that till now, 91 per cent of the total estimated GST compensation shortfall has been released to the states and UTs with Legislative Assembly. “Out of this, an amount of Rs 91,460.34 crore has been released to the states and an amount of Rs 8,539.66 crore has been released to the three UTs with Legislative Assembly,” the Finance ministry said.
Significantly, the Centre had set up a special borrowing window in October last year to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST.