New Delhi: The center on Thursday released Rs 40,000 Crore to the state and UTS to compensate for the lack of GST income, taking the total amount released as a loan so far this fiscal year became this 1.15 lakh crore Rs.
“Today’s Ministry of Finance released a number of Rs 40,000 Crores to countries and UTS with the legislature under the back-to-back loan facility to meet the shortcomings of GST compensation.” Previously on July 15, 2021, a number of Rs 75,000 Crore.
Released to the state & UTS with the legislature.
With the current release, the total amount released in the current financial year as a back-to-back loan of the GST compensation has reached Rs 1.15 lakh Crore, “said the official statement.
It was said that the center had approached the release of aid below Back-to-back loan facilities with more than 72 percent of total estimates for the whole year of Rs 1.59 lakh Crore released so far.
The number of balances will be released in time.
The release of this fund as a back-to-back loan is an addition to compensation The Bi-monthly GST was released from the Cess Collection.
The 43rd GST Board meeting on May 28, 2021 has decided that the central government will borrow Rs 1.59 lakh Crore on 2021-22 and release it to the country and UTS with legislature based on back-to- Back to fulfill the resource gap because of a brief release of compensation because the amount collected in compensation funds.
This number is in accordance with the principles adopted by Fjadi in 2020-21, where in order H RS 1.10 Lakh Crore was released to countries under similar settings.
“The number of Rs 1.59 Lakh Crore is provided to state as a back-to-back loan will be more than and above compensation more than Rs 1 Lakh Crore (based on the CESS collection) which is expected to be released to the state / UTS.
With legislature during Today’s financial year.
The total number of Rs 2.59 Lakh Crore is expected to exceed the amount of GST compensation that increases in 2021-22, “the statement added.
All countries that meet the requirements and UTS (with the legislature) have approved the funding settings for compensation under the back-to-back loan facility.
“The release of RS 40,000 Crore was made today funded from the Indonesian Government loan in 5-year securities, amounting to RS 23,500 Crore and 2-year securities for RS 16,500 Crore issued in the current financial year, in the results of the weighted average of 5.69 and 4, 16 per cent per cent per year respectively.
There are no additional market loans by the central government who are considered because of this release, “said the statement.