J&K among 16 states, 3 UTs that receive Rs 6,000 cr loan for GST shortfall

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Srinagar: Jammu & Kashmir is one among the 16 states and 3 UTs that will receive Rs 6,000 cr loan for GST shortfall as the second tranche under the special window to states for meeting the GST compensation cess shortfall.

According to the Ministry of Finance 21 States and 3 UTs have so far opted for the Special Window under Option I and the finance ministry has facilitated loans of Rs 12,000 crore to date under the special window, said a statement by the Ministry of Finance.

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

The government added that the amount was raised at a weighted average yield of 4.42 per cent and it will be passed on to the states at the same interest rate, which is lower than the cost of borrowings for the states and will thus benefit them.

It is to be noted that the issue of GST compensation cess shortfall heated up between the Centre and states in the GST Council meeting. While the BJP-led states easily accepted one of the two options, the Centre had given, the opposition-led states confronted the options given by the Centre. However, FM Nirmala Sitharaman had said that nobody is going to be denied the compensation which has arisen out of implementation of GST and COVID impact.

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