GST Compensation To States, Seventh Installment Released
GST compensation to states, seventh installment of Rs 42,000 crore released on Monday.
The Finance Ministry said on Monday that Rs 42,000 crore has been given to the states so far under GST compensation. This amount has been released in seven installments.
As the seventh installment, Rs 6,000 crore was released on Monday for 23 states and three union territories.
Of this, 5,516.60 crores were received in the accounts of the states, and Rs 483.40 crore was received from the Union Territories of Delhi, Jammu, and Kashmir, and Puducherry.
In the current financial year, the GST collection of states is estimated to decrease by Rs 1.10 lakh crore.
Due to the economic situation arising out of Corona, there has been a sharp decline in revenue from GST to the states.
To make up for this, the Center has provided an option to the states to borrow. States can avail this loan through a special window with the help of the Center.
The Finance Ministry said that the loan taken this week has an interest rate of 5.1348 percent.
The average interest rate of total loans to states is 4.7712 percent. Significantly, the Center gave two options to the states for GST compensation.
States that have opted for the first option have been given the facility of taking additional loan of 0.50 per cent of their GDP. All 28 states have opted for GST compensation.
Stock market opened on decline, Sensex starts down 173 points, Nifty also slips
Today, on the second trading day of the week i.e. Tuesday, the stock market opened on a downward trend. The Bombay Stock Exchange’s flagship index Sensex opened down 173.90 points at 46079.56 level.
At the same time, the Nifty of the National Stock Exchange started down by 45.40 points at 13512.80.
On Monday, the Sensex had gained 154.45 points to close at 46,253.46 and the Nifty was up 44.30 to close at all-time high of 13,558.15.
Among the major stocks, GAIL, ONGC, Eicher Motors, Grasim and Coal India opened sharply in the early trade today.
At the same time, shares of Axis Bank, M&M, SBI, Infosys and Asian Paints opened on the red mark.
Talking about sectoral index, all the additional sectors open on red marks. These include finance services, private banks, banks, IT, realty FMCG, auto, PSU banks, metal and media.
