14th installment 236.93 crores given to the state as a GST Compensation
Haryana has received an amount of 236.93 crores because the 14th instalment by the Central Government to catch up on GST revenue. So far, an amount of 3646.77 crores has been released to compensate Haryana, which can be 0.50 per cent of GDP additionally to 4293 crores as additional loan.
The Union Finance Ministry on Wednesday released the 14th instalment of Rs 6000 crore to states to satisfy GST compensation. To compensate for the GST revenue loss to the states, the Finance Ministry has thus far released funds worth Rs. 84 thousand crores to 23 states. The quantity of Rs 106830 crore within the sort of borrowings to the states and union territories are going to be allowed separately. Of this, the quantity of Rs.236.93 crores received within the fourteenth instalment to the State of Haryana also as Rs. 3646.77 crores have been released to compensate the GST revenue thus far, except the permission of additional loan of 0.50 per cent of GSDP to the State.
Similarly, to catch up on GST revenue, 169.26 crores was released during this instalment to the state of Chhattisgarh, with which 1523.34 crore rupees are released to the present state while 1792 to boost 0.50% of the quantity adequate to GDP of Chhattisgarh. Crores allowed. On the opposite hand, to compensate for the loss of GST revenue to Madhya Pradesh, an amount of Rs 3806.03 crore has been released thus far with 247.33 crores released because of the 14th instalment.
Madhya Pradesh has been allowed to borrow Rs 4746 crore on the idea of GST Compensation by the Central Government. It’s worth noting that under the central government special borrowing window, the central government will need to pay a mean interest of 4.7395 percent on the quantity of Rs 84 thousand crores released thus far. To satisfy the revenue shortfall in implementing GST, the central government is additionally giving the choice of borrowing the states as a further amount of 0.50 per cent of its gross domestic product. States are choosing option-1 for this. Under this, provision has been made for extra borrowing of 106830 crores (0.50 per cent of the gross domestic product of the states) to twenty-eight states.