21 states opt for Rs 97,000-crore RBI window to meet GST shortfall

This would help the proposal get cleared in the GST Council in case of voting

The Centre has received support from 21 states and Union Territories (UTs) for its offer of the Rs 97,000-crore Reserve Bank of India (RBI) window giving them compensation under the goods and services tax (GST) regime. This will help clear this proposal at the GST Council in case of vote.

The 21 states and UTs are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh (UP), said finance ministry sources. The sources acknowledge that the GST Council needs only 20 states to pass any resolution in case voting is required, according to the GST Act.

This may leave those not opting for any of the two options offered by the Centre before the GST Council meet scheduled for October 5 in the lurch. Sources said it is clear from the present situation that these states will have to wait till June 2022 to get their compensation, subject to the council extending the cess collection period beyond June 30, 2022. On the other hand, there has so far been no taker for the Centre’s offer of borrowing by states to the tune of Rs 2.35 trillion, said sources in the Union finance ministry. Manipur, the only state which had earlier opted for the option of borrowing by states, later preferred to change it to the RBI window.

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