West Bengal opts for Rs 1.1 lakh crore borrowing option to meet GST compensation shortfall


West Bengal has taken up the Rs 1.1 lakh crore borrowing option offered by the Centre to meet the shortfall in goods and services tax (GST) compensation, but has asked Centre to borrow the remaining shortfall of Rs 72,000 crore till January 2021, as well.

West Bengal finance minister Amit Mitra has written to Union finance minister Nirmala Sitharaman saying that the state will take the option due to acute fiscal stress on the state’s finances. He also sought that the GST Council meeting be convened at the earliest to discuss the alternative borrowing mechanism.

“Considering the acute financial stress on the state’s finances due to the Covid 19 pandemic and the Amphan cyclone, West Bengal is willing to go along with your new proposal,” Mitra said in his letter written on Friday.


Source link

Articles You May Like

Snowflake (SNOW) earnings Q4 2021
Sen. Joe Manchin open to using reconciliation in Senate again
Robinhood chooses the Nasdaq for its IPO, sources say
Detroit mayor rejects initial J&J vaccine shipment, calls Pfizer, Moderna ‘the best’
Gap (GPS) reports Q4 2020 earnings, 2021 sales outlook

Leave a Reply

Your email address will not be published. Required fields are marked *