Any borrowing by the GST Council to make good the shortfall in revenue of states would add up to the debt of both the central and state governments, the 15th Finance Commission chairman, N K Singh, said on 26-06-2020. "My understanding of the Constitution is that the borrowing of the central government is upon the security of the Consolidated Fund of India. Borrowings by the state governments are upon the security of the consolidated fund of the state.