This year the economy is in better condition than last year, the revenue secretary said – this year the economy is in better shape than last year, said the revenue secretary
He further said that if on an average GST revenue of Rs 1.10 lakh crore is received every month, then in such a situation the GST revenue deficit of the states will be around Rs 1.50 lakh crore.
Talking to reporters after the 43rd meeting of the GST Council, Bajaj said, “If we follow the same formula as last year, the difference in GST would be Rs 1.58 lakh crore. But last year when the full lockdown was imposed and the economy suffered a lot, this is not the case this year. ”
The Indian economy is projected to decline by eight percent in the last financial year 2020–21.
The Reserve Bank has last month retained the 10.5 per cent GDP growth estimate for the current financial year. At the same time, ADB has projected a growth rate of 11 percent during the year.
However, the Central Government has estimated the compensation to be given to the states during the current financial year is Rs 2.69 lakh crore. Out of this, 1.58 lakh crore rupees will be raised this year by borrowing.
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