New Delhi: The Finance Ministry on Monday released the eighth weekly installment of six thousand crore rupees to compensate for the reduction in the Goods and Services Tax (GST) compensation of the states. Thus far, 48,000 crore rupees have been released to the States / Union Territories through this medium. The Finance Ministry gave this information in a statement on Monday.
The ministry said, ‘Of this, Rs 5,516.60 crore has been released to 23 states. Apart from this, Rs 483.40 crore has been released to three union territories Delhi, Jammu and Kashmir and Puducherry. ”Implementation of GST in the remaining five states Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim did not result in any decline in their revenue.
It is noteworthy that the Center had introduced a special loan facility in October to compensate an estimated Rs 1.10 lakh crore in state revenue due to the implementation of GST. Under this facility, loans are taken by the Center on behalf of the States and Union Territories. So far, installments have been released by the Center to the states on October 23, November 2, November 9, November 23, December 1, December 7, December 14 and December 21. The Center said that the loan was taken at 4.19 per cent interest this week. So far, the central government has availed a loan of Rs 48,000 crore under this facility at an average interest of 4.69 percent.
