Center has released Rs 42,000 crore to states for GST compensation. The Finance Ministry updated this information on Monday.
The Finance Ministry said that a fresh installment of Rs 6,000 crore was released to the states on Monday. Of this, Rs 5,516.60 crore was released to 23 states and Rs 483.40 crore to three union territories Delhi, Jammu and Kashmir and Puducherry. In the statement issued by the Finance Ministry, there has been no reduction in revenue due to GST implementation in the remaining five states Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim.
The coronavirus pandemic has severely affected the economy. Due to this, economic activities were affected due to the lockdown imposed, which has significantly reduced the revenue collection of the Center and the states. The central government had introduced a special loan facility in October 2020 to compensate for an estimated shortfall of Rs 1.10 lakh crore in the state’s revenue during the current fiscal year due to the implementation of GST. In the current financial year, the GST collection of states is estimated to decrease by Rs 1.10 lakh crore. Due to the economic situation arising out of Corona, there has been a sharp decline in revenue from GST to the states. To make up for this, the Center has provided an option to the states to borrow. States can avail this loan through a special window with the help of the Center. The Finance Ministry said that the loan taken this week has an interest rate of 5.1348 percent.
The ministry has informed that the sum delivered for this present week is the seventh portion of such assets. The loan taken this week is at an interest rate of 5.1348 percent. Up until now, the public authority has profited an advance of Rs 42,000 crore through this uncommon office at a normal loan cost of 4.7712 percent. Notwithstanding this office, the public authority has likewise permitted states to get up to 0.50 percent of their gross state homegrown item (GSDP). This authorization has been given to those states which have picked the main alternative offered by the Center to meet GST pay.
From now on, organizations can inform their provider regarding transferring bills on GSTN gateway or some other inadequacy. Aside from this, providers can send answers to their providers through this office. Essentially, the provider can likewise send data to the concerned beneficiary about transferring any archives in the stockpile subtleties which have been filled in GSTR-1. GSTN said that at whatever point a citizen sends any data to another citizen, GSTN will likewise give his data through email and SMS on cell phone. This office is required to help citizens in coordinating bills.
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