Economic Survey · Ministry of Finance, Department of Economic Affairs · 2021-01-29

Economic Survey 2020-21 (Volume 2) - Chapter 2: Fiscal Developments (GST)

The fiscal chapter of the 2020-21 Survey follows GST through the pandemic year. Collections fell sharply during the lockdown and then recovered strongly late in 2020. The Survey puts the recovery down to economic revival plus the nationwide drive against evaders and fake bills and new systemic changes. It also explains the two options offered to states to meet the 2020-21 compensation shortfall and records which one the states chose.

Read the official report →All GST reports

Key findings and recommendations

  • Monthly GST revenue of Rs. 1.15 lakh crore in December 2020, 12 per cent above December 2019, was the highest since GST began.
  • Collections had crossed Rs. 1 lakh crore for three months running by the end of 2020.
  • All 28 states and 3 UTs with legislatures chose Option 1, back-to-back borrowing coordinated by the Ministry of Finance.
  • Centre's GST collections were 48 per cent of the budget estimate in April-November 2020.

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