As part of a special loan scheme, the central government has allocated Rs 6,000 crore to 16 states. Compensation for Goods and Services Tax (GST) The Government has borrowed this amount at an interest rate of 5.19 per cent and the borrowing period will be in the range of 3 to 5 years.
Provided to Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand, Delhi and Jammu & Kashmir
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The central bank is set to borrow Rs 1.1 lakh crore on behalf of the states in the wake of the sharp decline in GST collections during the last financial year. However, the finance ministry has said that this debt relief will not affect the government’s monetary deficit.
Recently, GST collection has increased. Total Rs. According to the finance ministry, Rs 95,480 crore in the form of GST. Accumulated during this financial year. Revenue increased 4 percent this year compared to September last year. Central GST of the total GST collection is Rs. 17,741 crore and state GST of Rs. 23,131 crore. Comprehensive GST form Rs. 47,484 crore. The Central Government has come forward to provide relief to the Goods and Services Tax (GST) on a weekly basis.
