HomeCITY NEWSUnion finance ministry released Rs 38 crore to Goa

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Union finance ministry released Rs 38 crore to Goa

Goa : The Union finance ministry released Rs 38 crore to Goa as part of the 16th instalment to meet the shortfall in Goods and Services Tax compensation owed to states. The Centre on Friday released a total of Rs 5,000 crore to states and Union territories through a special borrowing window setup to meet the shortfall in revenue due to GST implementation.The Centre has disbursed a total of Rs 787.6 crore to Goa to meet the GST compensation shortfall on account of GST implementation.

The funds raised this week have been borrowed at an interest rate of 4.65%. According to the Centre, 86% of the total estimated GST compensation shortfall has been released to the states and Union territories.The government of India set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.1 lakh crore in revenue arising on account of implementation of GST. The amount released this week is in addition to the additional borrowing permission equivalent to 0.50% of gross state domestic product that Goa can borrow.

The News24 Goa

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