Page 4 - Gst Compensation

ICRA pegs GST compensation of Rs 2.65 trillion for states for FY22

Chief Economist Aditi Nayar said that after a sharp fiscal deterioration in FY21, the Budget estimates for FY22 of 24 state governments had indicated a decline in their aggregate revenue deficit

Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19

The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1 trillion estimated in the Budget

States likely to ask for five-year extension of GST compensation

Tax sops on Covid supplies to also be on agenda at Council meet

Hold urgent GST meet to cut tax on key medicines, equipment: States

Also want to discuss extension of the compensation period beyond July 2022

Duty revisions after Oct to come with sunset clause, says FM Sitharaman

Government will rationalise customs duties after consultations, says finance minister

States may face Rs 3 trillion GST compensation shortfall in FY22: Report

This will force them to borrow more from the markets, says a report

100% of estimated GST compensation shortfall of Rs 1.1 trn released: Govt

Starting from October 23, 2020, the borrowings were completed in 20 weekly instalments

96% of GST compensation shortfall to states released so far, shows data

Under the special window, the Centre has been borrowing in Government Stock with a tenure of three years and five years on behalf of states

Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct

The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement. 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 ...

Over Rs 2.06 trillion GST compensation to states due for April-November

A total of Rs 84,000 crore has been released to the states under the special borrowing window

GST shortfall: FinMin releases weekly installment of Rs 6,000 cr to states

The Finance Ministry on Wednesday released the 14th installment of Rs 6,000 crore to states to meet the GST compensation shortfall, taking the total amount of fund released so far to Rs 84,000 crore. Till now, 76 per cent of the total estimated GST compensation shortfall has been released to states and 3 UTs. Out of this, an amount of Rs 76,616.16 crore has been released to 23 states and Rs 7,383.84 crore to the 3 UTs with Legislative Assembly (Delhi, J&K, Puducherry). The remaining 5 states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim, do not have a gap in revenue on account of GST implementation, it added. 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 Finance Ministry in a statement said it has released the 14th weekly installment of Rs 6,000 crore to states to meet the GST compensation shortfall. The amount has been borrowed this week

FinMin releases Rs 6,000 crore to states, UTs to meet GST shortfall

The Finance Ministry on Monday released the 11th instalment of Rs 6,000 crore to states and UTs to meet the GST compensation shortfall, taking the total amount provided so far under this window to Rs 66,000 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 11th weekly instalment of Rs 6,000 crore to states/Union Territories to meet the GST compensation shortfall. Out of this, Rs 5,516.60 crore has been released to 23 states and Rs 483.40 crore to the three Union Territories (UTs) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry), who are members of the GST Council. The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation, it said. "The amount has been borrowed this week at an interest

Finance ministry releases 10th instalment of GST compensation to states

The Finance Ministry on Monday released the tenth weekly instalment of Rs 6,000 crore to the states to meet the Goods and Services Tax (GST) compensation shortfall.The Finance Ministry said in a release that out of this amount, a sum 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) which are members of the GST Council.The remaining five states namely Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.Now, more than 50 per cent of the estimated GST compensation shortfall has been released to the states and UT with Legislative Assembly, the government said.The Government of India 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 borrowings are .

Centre releases Rs 6,000 crore loan to states to meet GST shortfall

The Finance Ministry has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall

8th instalment of Rs 6,000 cr released to states to meet GST shortfall

The Ministry of Finance has released eighth weekly installment of Rs 6,000 crore to states to meet the Goods and Services Tax (GST) compensation shortfall.Of this, Rs 5,516.6 crore has been released to 23 states and an amount of Rs 483.4 crore has been released to the three union territories with legislative assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.The remaining five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim -- do not have a gap in revenue on account of GST implementation, according to an official statement released on Monday.The government had set up a special borrowing window in October to meet the estimated shortfall of Rs 1.1 lakh crore in revenue arising on account of implementation of GST.The borrowings have been done in seven rounds. The amount has been borrowed this week at an interest rate of 4.1902 per cent. So far, an amount of Rs 48,000 crore has been borrowed by the Central government through the .

GST revenues take a beating as Council tweaks rates far too often

Centre to propose one a year tweaking; states say proposal is not enough, slabs need to be changed, experts call for flexibility to cater to immediate needs

Centre releases Rs 42,000 cr to states to meet GST compensation shortfall

The latest instalment of Rs 6,000 crore was released to the states on Monday

Centre releases Rs 6,000 crore of GST compensation to 23 states, three UTs

Remaining five states do not have a gap in revenue on account of GST implementation.

Centre's GST compensation formula gets approval from all states, UTs

Jharkhand, the only remaining state, has now communicated its acceptance of Option-1 given by the Centre

Chhattisgarh opts for special window for GST compensation; Jharkhand left

Now all states, except Jharkhand, have opted for Centre's borrowing options. Recently, Punjab, Kerala and West Bengal also accepted Centre's proposal after much opposition