The finance ministry today announced the release of an amount of Rs6,000 crore as the second tranche under its `Special Window to States for meeting the GST Compensation Cess shortfall,’ to 16 states and 3 union territories.
This amount was raised at a weighted average yield of 4.42 per cent. This will be passed on to the states/UTs at the same interest rate, which is lower than the cost of borrowings for the states and UTs, thus benefitting them. The finance ministry has facilitated loans of Rs12,000 crore till date under the Special Window to States/UTs.
21 states and 3 union territories till date have opted for the Special Window under Option I. The loans raised by the central government are released on a back-to-back basis to states/UTs, in lieu of GST compensation cess releases. The loans have been released to Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand, UT of Delhi, UT of Jammu and Kashmir and UT of Puducherry.
Meanwhile, gross revenue collected by way of the goods and services tax (GST) in October 2020 stood at Rs1,05,155 crore as revenue collection picked up with the economy also looking up.
The revenues for the month are 10 per cent higher than the GST revenues in the same month last year.
Of the total Rs1,05,155 crore collected, CGST accounted for Rs19,193 crore and SGST at Rs25,411 crore while IGST totalled Rs52,540 crore (including Rs23,375 crore collected on import of goods) and cess of Rs8,011crore (including Rs932 crore collected on import of goods).
The total number of GSTR-3B returns filed for the month of October (up to 31 October 2020) rose to 8 million.
The government has settled Rs25,091 crore to CGST and Rs19,427 crore to SGST from IGST as regular settlement.
The total revenue earned by the central and the state governments in October, after regular settlement, stood at Rs44,285 crore for CGST and Rs44,839 crore for SGST.
During the month, revenues from import of goods was 9 per cent higher and the revenues from domestic transaction (including import of services) were 11 per cent higher compared to the same month last year.
Compared to the 10 per cent YoY increase in GST revenue in October GST revenues in July, August and September, 2020 were -14 per cent, -8 per cent and up 5 per cent, respectively, clearly showing a trajectory of recovery of the economy and, correspondingly, of revenues.