The typical rate of interest for the borrowing beneath particular window to date stood at 4.71%, the federal government mentioned.The central authorities has launched the sixth weekly instalment of Rs 6,000 crore to the states to fulfill the GST compensation shortfall, the federal government mentioned on Wednesday. This quantity has been borrowed on the rate of interest of 4.2%.
The federal government has to date disbursed Rs 36,000 crore to states in back-to-back mortgage association after borrowing the quantity on behalf of states. The typical rate of interest for the borrowing beneath particular window to date stood at 4.71%, the federal government mentioned.
“Out of this, an quantity of Rs 5,516.60 crore has been launched to 23 states and an quantity of Rs 483.40 crore has been launched to the three union territories with legislative meeting (Delhi, Jammu & Kashmir and Puducherry) that are members of the GST Council,” the federal government mentioned.
The federal government has calculated the GST compensation shortfall on account of implementation to be Rs 1.1 lakh crore this fiscal, an quantity that might be paid to states by the top of FY 21 although borrowing because the designated cess fund is insufficient.
Along with offering funds by way of the particular borrowing window to fulfill the shortfall in income on account of GST implementation, the federal government has additionally granted extra borrowing permission equal to 0.5% of states’ GSDP to these selecting option-1 to fulfill GST compensation shortfall.
To this point, permission for borrowing an extra quantity of Rs 1,06,830 crore has been granted to twenty-eight states beneath this provision, the federal government mentioned.
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