Odisha and 15 others States, three UTs to get Rs 6k cr GST compensation

Sambad English Bureau Published On : Nov 2, 2020 at 4:38 PM

New Delhi: The Ministry of Finance will release Rs 6,000 crore to 16 states including Odisha and three Union Territories today under the special window to states to meet the GST compensation cess shortfall.

The amount was raised at a weighted average yield of 4.42 per cent and will be passed on to the States/UTs at the same interest rate, which is lower than the cost of borrowings for the States and UTs.

Centre sanctions Rs 4,528 crore for Odisha under capital investment scheme

Centre releases Rs 524 crore GST compensation to Odisha

It is worth to be mentioned that the Ministry of Finance facilitated loans of Rs 12,000 crore till date under the Special Window to States/UTs.

A total of 21 States and three Union Territories till date have opted for the Special Window under Option I.

The loans raised by the Government of India were released on a back-to-back basis to States/UTs, in lieu of GST Compensation Cess releases.

The loans have been released to the following States and Union Territories – Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand, UT of Delhi, UT of Jammu and Kashmir and UT of Puducherry.