The estimated GST payout deficit of Rs.1.10 lakh crore has been released in full.
With the announcement of the 20th instalment, the Legislative Assembly has now allocated 100 percent of the total projected GST reimbursement shortfall of Rs 1.10 lakh crore for the fiscal year 2020-21 to the states and union territories. A total of Rs 1,01,329 crore has been distributed to the provinces, while Rs 8,879 crore has been distributed to the three UTs with the Legislative Assembly.
In October 2020, the Indian government established a special borrowing window to cover a revenue shortfall of Rs 1.10 lakh crore expected as a result of the GST implementation. The central government makes the borrowings on behalf of the states and UTs through this window. The borrowings were paid off in 20 weekly instalments beginning on October 23, 2020.
Each tenure’s borrowings are uniformly distributed among all states based on their GST compensation shortfall. The proportionate pending GST shortfall with respect to borrowing under both five and three year terms has been resolved with legislature for 23 states and three UTs with the current release. There is no GST payout deficit in the remaining five states.
The central government borrowed a total of Rs 1,10,208 crore through the special borrowing window at a weighted average interest rate of 4.84 percent.
From 2017 to 2020, all companies in Aspirational Districts will spend money on CSR.
The Government has made amendments to the Corporate Social Responsibility (CSR) Regulations, and the Companies (CSR Policy) Rules, 2014 were recently revised and notified on January 22, 2021.
All data related to CSR filed by companies in the MCA21 registry, including Aspirational District-wise, is publicly available at www.crs.gov.in. The CSR invested by all companies in the Aspirational Districts for the financial years 2017-18, 2018-19, and 2019-20 is listed below, according to company filings in the MCA21 registry:
|Aspirational Districts (INR Cr.)||FY 2017-18||FY 2018-19||FY 2019-20|
These amendments include, among other things, mandatory registration of implementing agencies with the Ministry, enhancing the position of the company’s board of directors in the use of CSR funds, flexibility for the board to spend according to project requirements, treatment of unspent as well as set-off of excess CSR funds spent, impact assessment of CSR projects, creation and acquisition of capital assets through CSR and enhanced disclosure of CSR activities etc.
Between 2018 and 2020, 324 companies filed for bankruptcy.
According to the National Company Law Tribunal (NCLT), 149 companies filed for bankruptcy in 2018, 103 in 2019, and 72 in 2020, for a total of 324 companies filing for bankruptcy over the three-year period.
The IBC submitted 8,330 applications in 2018, 12,091 applications in 2019, and 5,282 applications in 2020. As a result, the number of applications does not seem to have risen in the last three years.
Companies must conduct an Annual General Meeting (AGM) within six months of the end of the financial year, according to the Companies Act of 2013. As a result, within 30 days of the AGM, financial statements and board reports containing CSR disclosure must be filed in the MCA21 database. As a result, no CSR mandated companies have registered for the current fiscal year.