The State government has received the third instalment of the ₹818.36 crore under the Atmanirbhar Abhiyan scheme announced by the Centre to meet the shortfall in the revenue on account of implementation of the Goods and Services Tax.
The Union Finance Ministry has announced the release of the third instalment on Monday.
The release to the State forms part of the ninth instalment released to the States and Union Territories with legislatures as back to back loan to meet the GST compensation shortfall. The Centre borrowed ₹54,000 crore so far at an average interest rate of 4.7%.
The State became eligible for the package after it opted for the Option-1 offered by the Centre under the Atmanirbhar Abhiyan to meet the estimated shortfall in the revenue on account of GST implementation. The Union Finance Ministry had assured that the State would get funds to the tune of ₹2,380 crore under the scheme from the Centre which set up a special borrowing window for raising loans on behalf of the States and UTs.
The State had earlier received ₹559 crore and ₹688 crore in last two weeks as GST compensation shortfall and the current release takes the total receipts to ₹2.065 crore. The balance of ₹315 crore is likely to be released next week. In addition to the back to back loans obtained by the Centre on behalf of the States, the State is also entitled to raise ₹5,017 crore as additional borrowing of 0.5% of GSDP allowed to the States.
You have reached your limit for free articles this month.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Support Quality Journalism.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
