Centre releases full ₹1.59 lakh crore to States this FY as loan to compensate for GST shortfall
The Hindu
Apart from the balance ₹44,000 crore relased on Thursday, The Finance Ministry had on July 15 and October 7 released ₹75,000 crore and ₹40,000 crore, respectively
The Centre on Thursday released the balance ₹44,000 crore to States as loan to compensate for the GST shortfall, taking the total such amount to ₹1.59 lakh crore this fiscal.
This release of funds as back-to-back loans is in addition to the bi-monthly GST compensation being given out of cess collection.
The 43rd GST Council meeting on May 28, 2021, had decided that the Centre would borrow ₹1.59 lakh crore in 2021-22 and release it to States and Union Territories with legislature on a back-to-back basis to meet the resource gap due to the shortfall in compensation on account of inadequate amount collected in the GST compensation fund.
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