At this interest rate, the central government is providing funds to the states by taking loans.
The central government has released more than 91 percent of the GST compensation difference to the states. Out of this, Rs 91,460.34 crore has been released to the states, 8,539.66 crore rupees to 3 union territories. The central government is compensating the states by taking loans at an interest rate of 5.59 per cent from the states for the 17th installment. So far, the central government has issued loans to the states by taking loan of Rs 1 lakh crore in 17 installments so far at an average interest rate of 4.83 percent.
Out of Rs 1 lakh crore, this state got the highest amountSo far Karnataka has got the highest amount of Rs 11932.82 crore out of total Rs 1 lakh crore. Apart from this, Andhra Pradesh has 2222.71 crores, Assam 956.04 crores, Bihar 3755.77 crores, Chhattisgarh 2143.75 crores, Gujarat 8869.60 crores, Haryana 4185.66 crores, Himachal Pradesh 1651.39 crores, Jharkhand 1164.60 crores, Kerala 4304.12 crores, Central 4368.43 crore to the state, 11519.31 crore to Maharashtra, 3675.95 crore to Odisha, 6239.58 crore to Punjab, 4081.71 crore to Rajasthan, 6002.53 crore to Tamil Nadu, 1940.95 crore to Telangana, 5777.46 crore to Uttar Pradesh, 2227.46 crore to Uttarakhand and 3307.51 to West Bengal. Crores have been received. In the same union territories Delhi got 5640.89 crores, Jammu and Kashmir got 2185.16 crores and Puducherry got 713.61 crores.
Under this arrangement, this state is the most eligible for additional loan
The central government has given the system of taking loans under special windows to the states that have chosen 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, a total 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, 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 Rs 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.
A total of 28 states and 3 union territories have chosen the first option so far
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 opt for the first option. This system was started on 23 October 2020.
This is the arrangement for GST compensation to the states
While implementing GST on 1 July 2017, the Modi government at the Center had 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.