The Union Finance Ministry has released the weekly installment of Rs 44.99 crore to Meghalaya recently to meet the GST compensation shortfall.
The amount was released a few days back through special borrowing window. It was the sixth installment provided to the State.
The additional borrowing permission of 0.50 percent granted to Meghalaya is Rs 194 crore. The amount of fund raised through special window passed on to the State is Rs 44.99 crore.
The Ministry of Finance has released the weekly installment of Rs 6,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 states and an amount of Rs 483.40 crore has been released to the three Union Territories (UTs) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry) who are members of the GST Council.
The remaining five states – Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.
The Government of India is borrowing this amount on behalf of the states and UTs through a special borrowing window to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of GST implementation.
In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.5 per cent of the State GSDP to the states choosing Option-I to meet GST compensation shortfall to help them in mobilising additional financial resources.
So far, permission for borrowing an additional amount of Rs 1,06,830 crore has been granted to 28 states under this provision.