States get ₹75,000 crore GST dues
The Hindu
Around ₹63,000 crore is still due to States for 2020-21, when ₹1.1 lakh crore of similar back-to-back borrowings were undertaken to meet their compensation dues.
The Finance ministry on Thursday released ₹75,000 crore of GST Compensation dues to States and Union Territories and said this would help them plan their public expenditure for improving health infrastructure and other capital spending projects. Raised through market borrowings made by the Centre, these funds were passed on as back-to-back loans to States and account for 47.16% of the ₹1.59 lakh crore proposed to be raised in this manner for their GST compensation dues in 2021-22. “This amount of ₹1.59 lakh crore would be over and above the compensation in excess of ₹1 lakh crore (based on GST cess collections) that is estimated to be released to States/UTs with Legislature during this financial year. The sum total of ₹2.59 lakh crore is expected to exceed the amount of GST compensation accruing in FY 2021-22,” the ministry said in a statement.
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