SHILLONG, Dec 9: The Meghalaya Government has raised Rs 44.99 crore through a special window passed on to the states and union territories by the Centre till December 9, while the state was granted Rs 194 crore as additional borrowing permission.
The Union Ministry of Finance, on Wednesday, released the weekly instalment 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 Rs 483.40 crore has been released to the three union territories 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.
The disbursal of this week was the sixth instalment of such funds provided to the states and the amount has been borrowed this week at an interest rate of 4.2089 per cent.
So far, Rs 36,000 crore has been borrowed by the Centre through the window at an average interest rate of 4.7106 per cent.
In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Centre has also granted additional borrowing permission equivalent to 0.5 per cent of their GSDP to the states choosing option-I for meeting GST compensation shortfall so as 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 including Meghalaya.