Apart from this, all the states and three union territories selected the first option of the central government. Under this arrangement, the central government issues GST compensation by taking loans on behalf of states. The Ministry of Finance has today released 6 thousand crores to the states as the 14th installment. The central government has so far released a total of 78 thousand crores. Out of 6000 crores released today, 5,516.60 crores has been released for only 23 states. At the same time, Rs 483.40 crore has been released for 3 union territories Delhi, Jammu Kashmir and Puducherry. While 5 states Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim are not losing any revenue due to the implementation of GST.
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At this interest rate, the central government is providing funds to the states by taking loans.
The central government has released more than 76 percent of the GST compensation difference to the states. Out of this, Rs 76,616.16 crore has been released to the states, Rs 7383.84 crore to 3 union territories. The central government is compensating the states by taking loans from the states at an interest rate of 4.61 percent. So far, on an average, the rate of interest of 4.74 percent has been released by the central government to the states by taking loans of Rs.
This state got the highest amount out of 84 thousand
So far, Karnataka has got the highest amount of Rs 10396.53 crore out of total 84 thousand crore rupees. Apart from this, Andhra Pradesh Rs 1936.53 crore, Bihar Rs 3271.94 crore, Chhattisgarh Rs 1523.34 crore, Gujarat-7727.43 crore, Haryana- Rs 3646.77 crore, Himachal Pradesh- Rs 1438.79 crore, Jharkhand- Rs 827.55 crore, Kerala- Rs 3153.48 crore , Madhya Pradesh-3806.03 crore, Maharashtra- Rs 10036.53 crore, Odisha-3202.69 crore, Rajasthan- 3162.97 crore, Tamil Nadu- Rs 5229.92 crore, Telangana- Rs 1466.01 crore, Uttar Pradesh- 5033.57 crore, Uttarakhand- Rs 1940.91 crore And West Bengal has got Rs 2423.29 crore. In the same Union Territories, Delhi has got Rs 4914.56 crore, Jammu and Kashmir – Rs 1903.74 crore and Puducherry has got Rs 565.54 crore.
At most, this state can take additional loan under special arrangement
The central government has given the option of taking the loan under special window to the states which have opted for the first option, under which additional loans of 0.50 per cent of the state GTP are to be provided to the states. According to the latest data, an additional loan of Rs 1,06,830 crore can be provided to 28 states and 3 union territories.
According to the data released by the Finance Ministry, the maximum Maharashtra can take a loan of 0.50 percent of its GDP i.e. Rs 15394 crore. Apart from this, Jharkhand Rs 1,765 crore, Uttar Pradesh Rs 9703 crore, Tamil Nadu Rs 9627 crore, Karnataka Rs 9018 crore, Haryana Rs 4293 crore, Himachal Pradesh Rs 877 crore, Kerala 4522 crore, Madhya Pradesh Rs 4746 crore, Manipur Rs 151 crore, Meghalaya Rs 194 crore, Mizoram Rs 132 crore, Nagaland Rs 157 crore, Odisha Rs 2858 crore, Punjab Rs 3033 crore, Rajasthan Rs 5462 crore, Sikkim Rs 156 crore, Telangana Rs 5017 crore, Tripura Rs 297 crore, Uttarakhand Rs 1405 crore and West Bengal can take additional loans of up to Rs 6787 crore under special arrangement.
So far, a total of 28 states and 3 union territories have chosen the first option.
In the two options suggested by the central government, most states and union territories have chosen the first option. States opting for the first option include Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Jharkhand, Haryana, Himachal Pradesh, Punjab Karnataka, Kerala, Chhattisgarh, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Tripura, Uttar Pradesh, Uttarakhand, Tamil Nadu, Telangana and West Bengal is included. Apart from this, three Union Territories of Puducherry, Delhi and Jammu and Kashmir have also decided to choose the first option.
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This is the arrangement for GST compensation to the states
While implementing 525.14 GST on July 1, 2017, the Modi government at the Center assured the states that by July 2022, the Center would make up for the decline in tax collection by implementing GST to the states. In this, the same arrangement was made that this assessment would be done on the basis of revenue increase of 14 percent every year.