The Ministry of Finance has said that the Punjab Government has communicated acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of States who have chosen this option has gone up to 26. Finance Ministry in a statement said that the States and Union Territories who choose Option-1 are getting the amount of shortfall arising out of GST implementation through a special borrowing window put in place by the Government of India. The window has been operationalised since 23rd October.Now the State of Punjab will also receive funds raised through this window starting from the next round of borrowing. On receipt of the choice of Option-1 from the Government of Punjab, the Centre has granted additional borrowing permission of three thousand 33 crore rupees to the State Government.
CS SURBHI SAXENA
Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).