GST shortfall situation becomes clearer, govt may have to borrow $22 billion more to pay states
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GST shortfall situation becomes clearer, govt may have to borrow $22 billion more to pay statesBy Vrishti Beniwal and Subhadip Sircar, Bloomberg
Last Updated: May 26, 2021, 12:55 PM IST
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Synopsis
Any additional borrowing will replicate an arrangement followed last financial year, where New Delhi borrowed Rs 1.1 lakh crore on behalf of the states and passed them on as back-to-back loans, the people said. The decision on the extra borrowing, the amount and the timing would be made after consulting with the Reserve Bank of India and states.
FM Sitharaman to chair 43rd GST Council meeting on May 28
The announcement of the meeting comes two days after West Bengal finance minister Amit Mitra urged the FM to hold a Council meeting to deliberate upon revenue-related matters
Ashutosh Kumar | May 15, 2021 | Updated 18:49 IST
The last GST council meeting chaired by Finance Minister Nirmala Sitharaman was held in October last year
The Union Finance Ministry said on Saturday, May 15, that the next GST Council meeting will be held on May 28. The announcement of the meeting comes two days after West Bengal finance minister Amit Mitra urged the FM to hold a Council meeting to deliberate upon revenue-related matters.
GST compensation: Centre disburses Rs 30,000 crore to states
The total amount of GST compensation released so far this fiscal ending March 31 is Rs 70,000 crore
PTI | April 1, 2021 | Updated 14:26 IST
The Centre has released Rs 30,000 crore to the states as GST compensation on March 27, and about Rs 63,000 crore is pending for the current fiscal, the finance ministry said on Tuesday.
The total amount of GST compensation released so far this fiscal ending March 31 is Rs 70,000 crore. This is over and above the Rs 1.10 lakh crore released to states under the special borrowing mechanism to compensate them for shortfall in the Goods and Services Tax (GST) collection this financial year.