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Centre to borrow on behalf of states to meet GST shortfall

Oct 15, 2020 22:58 IST

The Centre will borrow up to ₹1.1 lakh crore on behalf of the states to bridge the shortfall in GST collections. In a statement, the Finance Ministry said states were offered a special window to borrow ₹1.1 lakh crore over and above their existing limits, to bridge the shortfall. The ministry said the amount so borrowed will be passed on to the states as a back-to-back loan in lieu of GST compensation cess releases. The release, however, did not say who will service the interest and principal payments.

National