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Economic slowdown hits states' GST revenues more than Centre, shows data - GST Station

Economic slowdown hits states’ GST revenues more than Centre, shows data

Economic slowdown hits states’ GST revenues more than Centre, shows data

    The picture becomes sharper if we look at how Central GST (CGST) and State GST (SGST) collections have grown or contracted in FY20

    The slowdown in the economy, which has already resulted in poor growth in the collection of the goods and services tax (GST), is affecting states disproportionately more than the Centre, the data shows. But, this is no good news for the Centre.

    As states have been guaranteed a 14 per cent revenue growth till 2022 under the GST law, the Centre has to bear the entire shortfall in revenue. Experts said if the slowdown, and subsequent weakness in GST mobilisation, continued, it would curtail the Centre’s resources to a considerable extent in the current financial year.

    Source- Business Standard.

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