Centre transfers Rs 42,000 crore to states after 7th weekly GST compensation tranche

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The central government released the seventh weekly installment of Rs 6,000 crore under the first option of the goods and services tax (GST) compensation on Monday, taking the total amount provided to the states to Rs 42,000 crore.

From the latest tranche, 23 states would get Rs 5,517 crore and the three Union Territories of Delhi, Jammu and Kashmir and Puducherry will receive Rs 483 crore, a finance ministry statement said.

The five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation, it added.

In October, after an arduous back-and-forth between the Centre and states on the issue, the government started releasing GST compensation tranches to the states through a special borrowing window.

The latest borrowing was done at a rate of 5.13%, taking the average interest rate at which borrowings were made under the window to 4.77%, the ministry said.

Karnataka received the highest amount under this window so far at Rs 5,668 crore, being among the early adopters of the option given by the Centre. This was followed by Rs 5,472 crore to Maharashtra and Gujarat’s Rs 4,213 crore.

Earlier in December, Jharkhand became the last state to select option one for GST compensation provided by the Centre of Rs 1.1 lakh crore. The state received Rs 184 crore in today’s tranche.

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