Ahmedabad, Surat becoming bogus GST billing hubs: Govt

With Jharkhand opting for OPTION1 to meet the revenue shortfall arising out of the GST implementation, all the 28 States and three Union Territories with legislature have decided to go for Option-1.Under the terms of Option-1, states and Union territories will get the facility of a special window for borrowings to meet the shortfall arising out of GST implementation and are entitled to get unconditional permission to borrow the final instalment of 0.50 percent of Gross State Domestic Product (GSDP) out of the 2 percent additional borrowings permitted by the government under Aatmanirbhar Abhiyaan in May this year.The window has been operationalised from 23rd October. Centre has already borrowed an amount of 30,000 crore rupees on behalf of the States in five instalments and passed it onto the States and Union Territories, who chose Option-1. Jharkhand will get 1,689 crore rupees through a special borrowing window to meet the GST implementation shortfall. Permission to raise additional 1,765 crore rupees through borrowings has also been issued to Jharkhand.

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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).