Sunday, December 4th, 2022 14:47:58

Finance Ministry allows 20 States to raise over Rs 68,000 Cr 

Updated: October 14, 2020 3:56 pm
The Department of Expenditure in the Ministry of Finance yesterday granted permission to 20 States to raise an additional amount of 68 thousand 8 hundred 25 crore rupees through open market borrowings.

The Ministry of Finance said, additional borrowing permission has been granted at 0.50 per cent of the Gross State Domestic Product, GSDP to those States who have opted for Option- 1 out of the two options suggested by the Ministry to meet the shortfall arising out of GST implementation.

In the meeting of GST Council held on 27th August this year, these two options were put forward and were subsequently communicated to the States on 29th August.  Twenty States have given their preferences for Option-1.  These States are – Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand .  Eight States are yet to exercise an option.

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