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States » NorthPosted at: Aug 25 2020 5:13PM


Punjab Cabinet expresses concern over fiscal losses triggered by Covid crisis

Chandigarh, Aug 25 (UNI) Citing the huge revenue losses suffered by the state government on account of the Covid pandemic and the resultant lockdown, the Punjab Cabinet on Tuesday sought adequate compensation from the Union Government to support the state in these difficult times.
During a review of the fiscal situation amid the pandemic, the Cabinet, under the chairmanship of Chief Minister Capt Amarinder Singh, noted that the situation was grave, considering the decline in revenue collections over the first quarter of FY 2020-21 and the estimated losses for the full current financial year.
A presentation made to the Cabinet by the Finance Department showed that the state’s own tax revenue collections for the April-June 2020 period had gone down by a whopping 51 per cent, with GST losses alone to the tune of 61 per cent as against the budgetary estimates for this period. GST and VAT revenue collections for this quarter together went down by 54 per cent. The decline in total revenue receipts for April-June quarter was 21 per cent.
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