Centre Releases Rs 40k Cr to States as Back-To-Back Loan For GST Shortfall

The Centre on Thursday released Rs 40,000 crore to States and UTs to compensate for the shortfall in GST revenues, taking the total amount released as loan so far this fiscal year to Rs 1.15 lakh crore.

“The Ministry of Finance today released an amount of Rs 40,000 crore to States and UTs with legislature under the back-to-back loan facility to meet the shortfall in GST Compensation.

“Earlier on July 15, 2021, an amount of Rs 75,000 crore was released to states & UTs with the legislature. With the current release, the total amount released in the current financial year as back-to-back loan in-lieu of GST compensation has reached Rs 1.15 lakh crore,” an official statement said.

(Economy India)