Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Bridging GST shortfall: Telangana 23rd state to choose Option 1.


Date: 19-11-2020
Subject: Bridging GST shortfall: Telangana 23rd state to choose Option 1
The state has also got the permission to borrow an additional Rs 5,017 crore this fiscal (0.5% of Telangana’s GSDP) as a separate incentive for joining the scheme.

The central government has said that Telangana has become the 23rd state to choose option-1 of the borrowing plan, under a mechanism to raise resources to compensate states for their GST shortfall. The state has also got the permission to borrow an additional Rs 5,017 crore this fiscal (0.5% of Telangana’s GSDP) as a separate incentive for joining the scheme.

The central government has estimated Rs 1.1 lakh crore as GST shortfall for states this fiscal from the level of protected revenue guaranteed to them under the law. States are assured of a 14% year-on-year growth in GST revenue which is met by their own revenue and any resultant shortfall is made up from cess funds.

At least 8 states continue to shun the scheme as they want Centre to borrow Rs 1.8 lakh crore — total shortfall this fiscal including the amount owing to GST implementation and due to the impact of Covid. The Centre has argued unrestrained borrowing will lead to higher yields.

The states who have chosen option-1 are being disbursed the amount of shortfall arising out of GST implementation through a special borrowing window arranged by central government. “The window has been operationalised now and the government of India already borrowed an amount of RS 18,000 crore on behalf of the states in three instalments and has passed it on to 22 states and 3 Union Territories on October 23, November 2 and November 9,” the government said.

It added that Telangana will receive funds raised through this window in next likely borrowing instalment on November 23. Under the terms of Option-1, besides getting the facility of a special window for borrowings to meet the shortfall arising out of GST implementation, states are also entitled to get unconditional permission to borrow the final instalment of 0.5% of GSDP out of the 2% additional borrowings permitted by the the central government under Atmanirbhar Abhiyaan. This is over and above the special window of Rs 1.1 lakh crore.

States who have opted for Option-1 are — Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Telangana, Tripura, Tamil Nadu, Uttar Pradesh, and Uttarakhand, along with the three Union Territories of Delhi, Jammu & Kashmir and Puducherry.

Source:-financialexpress.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 03-05-2021
Ad hoc Exemption Order No. 4/2021-Customs
Seeks to exempt IGST on imports of specified COVID-19 relief material donated from abroad, up to 30th June, 2021.

Date: 01-05-2021
Notification No. 30/2021-Customs
Seeks to reduce IGST on Oxygen Concentrators when imported for personal use.

Date: 30-04-2021
Notification No. 45/2021-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 30-04-2021
Notification No. 29/2021-Customs
Seeks to amend notification No. 27/2021-Customs to exempt customs duty on import of specified Inflammatory Diagnostic (markers) kits, up to 31st October, 2021.

Date: 29-04-2021
A.P. (DIR Series) Circular No.02
Exim Bank's Government of India supported Line of Credit (LoC) of USD 250 million to the Government of the Republic of Mozambique

Date: 27-04-2021
Notification No. 26/2021-Customs (ADD)
Seeks to impose definitive anti-dumping duty on import of 1-phenyl-3-methyl-5-Pyrazolone originating in or exported from China PR for a period of 5 years from the date of imposition of provisional ADD, i.e. 9th June, 2020.

Date: 26-04-2021
Notification No. 2/2015-2020
Amendment in import policy and incorporation of a Policy Condition under HS Code 85167920 and 85167990 of Chapter-85 of ITC (IIS), 2017, Schedule-I (Import Policy).

Date: 26-04-2021
Notification No. 3/2015-2020
Amendment in import policy of Melon Seeds - Other under HS Code 12077090 of Chapter-12 of ITC (HS), 2017, Schedule-I (Import Policy).

Date: 26-04-2021
Public Notice No. 2/2015-2020
Amendment in Appendix 2E (List of agencies to issue Certificate of Origin-Non Preferential) regarding change in address of Bharat Chamber of Commerce for Certificate of Origin (Non-Preferential)

Date: 26-04-2021
Trade Notice No. 02/2021-2022
Operationalisation of DGFT 'COVID-19 Helpdesk' for International Trade related Issues'



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001