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.
