Daijiworld Media Network - Panaji
Panaji, Feb 22: As part of the 17th installment of the funds disbursed to meet the shortfall in goods and services tax (GST) compensation owed to states, Goa received Rs 20.3 crore. A weekly installment of Rs 5,000 crore was released by the union ministry of Finance for states that have seen a shortfall in GST collections due to the Covid-19 pandemic.
Goa received a total amount of Rs 807.89 crore from the Centre inclusive of the latest disbursal. The center has stated that 91 percent of the estimated GST compensation shortfall has been released to states and union territories.
In October 2020, the center had given the option of borrowing to meet the estimated shortfall of Rs 1.1 lac crore in revenue as a result of GST implementation. The amount borrowed by the state is for a term of five years at an interest rate of 5.59 percent. The funds will be repaid through the compensation cess collected on certain luxury items.