With Odisha receiving Rs 173.55 crore on Monday, the State has so far received a total of Rs 3,584.17 crore as compensation to meet the GST shortfall. As the State Government had opted for Option- I, it continues to receive compensation for the GST shortfall.
Odisha was allowed Rs 2,858 crore of additional borrowing (0.5 per cent) of Gross State Domestic Product (GSDP). However, the Centre has passed on Rs 3, 584.17 crore raised through Special Window to compensate for GST shortfall. The Union Ministry of Finance, Department of Expenditure has released the 16th weekly installment of Rs 5,000 crore to the States on Monday to meet the GST compensation shortfall.Out of this, an amount of Rs 4,597.16 crore has been released to 23 States and an amount of Rs 402.84 crore has been released to the three Union Territories (UT) with Legislative Assemblies (Delhi, Jammu & Kashmir and Puducherry) who are members of the GST Council.
The remaining five States, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation. Till now, 86 per cent of the total estimated GST compensation shortfall has been released to the States and UTs with legislative Assemblies. Out of this, an amount of Rs 86,729.93 crore has been released to the States and Rs 8,270.07 crore to the three UTs with Legislative Assemblies. The Union Government had set up a special borrowing window in October last to meet estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST.