The Finance Ministry said that it has released Rs 6,000 crore as the 13th installment to the states to offset the GST , with a total of Rs 78,000 crore released under this head. So far, 70 percent of the estimated GST compensation has been released to the states and union territories. The Center introduced a special borrowing system in October 2020 to meet an estimated reduction of Rs 1.10 lakh crore in revenue due to the implementation of GST.
The Finance Ministry said in a statement that it has released the 13th weekly installment of Rs 6,000 crore to states for GST compensation. Of this, Rs 5,516.60 crore has been released to 23 states, while three Union Territories (Delhi, Jammu and Kashmir and Puducherry) with assembly have been released Rs 483.40 crore. This week the amount was borrowed at an interest rate of 5.30 percent. According to the statement, the central government has so far borrowed Rs 78,000 crore through special lending medium at an interest rate of 4.74 percent. Also Read: Delhi Mumbai Expressway: The country’s longest expressway is being built, features such that the chest becomes 56 inches!
