PM MODI has approved Rs 68,825 crore through loans to meet the GST revenue shortfall in 20 states in the country, making it easier for those states to borrow. The decision came a day after the end of the Goods and Services Tax (GST) Council meeting on Monday.
To address the shortfall arising from the implementation of the GST, the Finance Ministry has sanctioned an additional 0.50 per cent of the Gross State Domestic Product (GDP) to the states opting for Option-1 of two options. At the GST Council meeting held on August 27 this year, the Center presented two options to the states. Twenty states gave their preferences for Option-1.
These states include Andhra Pradesh, Arunachal Pradesh, Assam, Uttar Pradesh, Uttarakhand, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim and Tripura. However, the rest of the states have not yet given the loan waiver as they have not yet announced their choice.
Meanwhile, Andhra Pradesh gives nod for central proposal abd has got a chance to borrow Rs 5,051 crore. Here are the details that show how much debt has been sanctioned to which states. Maharashtra Rs. 15,394 crore Uttar Pradesh Rs. 9703 Karnataka Rs. 9018 crore
Gujarat Rs. 8704 crore Andhra Pradesh Rs. 5051 crore Madhya Pradesh Rs. 4746 crore Haryana Rs. 4293 crore Odisha Rs. 2858 crores Assam Rs. 1869 crores Uttarakhand Rs. 1405 crores Himachal Pradesh Rs. 877 crore
Goa Rs. 446 crore Tripura Rs. 297 crore Meghalaya Rs. 194 Nagaland. Rs. 157 crore Sikkim Rs. 154 crore Manipur Rs. 151 crore Arunachal Pradesh Rs. 143 crore Mizoram Rs. 132 crores