Six years after Goods and Services Tax revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer.
January 13, 2021
×
Earlier projection was 9-9.5%; after adding borrowings on for GST compensation to states, fiscal deficit seen at 8.4%
CARE Ratings has revised downwards its projection of the Centre’s fiscal deficit to 7.8 per cent of GDP during FY21 against its earlier estimate of 9-9.5 per cent.
This revision comes in the wake of the release of the first advance estimate of gross domestic product (GDP) for FY21 and the credit rating agency’s expectations on the finances of the Central Government.
On adding the amount borrowed for Good and Services Tax (GST) compensation to states, the fiscal deficit could widen to 8.4 per cent of GDP, the agency added.