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Govt likely to face shortfall of Rs 10 trn due to coronavirus: Subhash Garg

Elaborating on the fiscal situation, the former finance secretary said that indirect taxes, GST, excise duty on petroleum products and customs will under-perform

Topics
Coronavirus | Subhash Chandra Garg | GST

BS Web Team & PTI 

Former finance secretary Subhash Chandra Garg on Thursday said the government is likely to face a shortfall of around Rs 10 trillion in 2020-21 due to the Covid-19 pandemic.

In a blog, Garg said the government's tax and non-tax revenues are likely to decline by around Rs 5 trillion, while on the expenditure side additional financing of about Rs 6 trillion would be required. "There is likely to be an additional shortfall of not less than Rs 10 trillion in the financial year 2020-21. "... The only feasible and the least disruptive measure is to monetise this ...

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First Published: Thu, April 16 2020. 23:30 IST
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