NEW DELHI: The Centre has borrowed and transferred Rs 6,000 crore as the first tranche of GST compensation shortfall to 16 states and two union territories, including Maharashtra, Gujarat, Bihar, Assam, Delhi and J&K, the Finance Ministry said on Friday.
Last week, the Centre gave in to the demands of opposition-ruled states to borrow and fund the GST compensation shortfall.
The Finance Ministry said that the Centre would borrow from the market to pay the GST compensation shortfall of Rs 1.1 lakh crore to states, and then act as an intermediary to arrange back-to-back loans to state governments. (AGENCIES)
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