Question : Actual Revenue and Revenue Targets

(a) the details of actual revenue and revenue targets of the Government during the financial years 2019-20, 2020-21 and 2021-22;
(b) the contributions of the increased fuel prices and increase in the Goods and Services Tax(GST) rates to the revenue during the said period;
(c) whether the Government intends to reconsider the extension of GST compensation cess from two to five years, as per the demands from various States; and
(d) if so, the details of the suggestions made by the GST Council in this regard?

MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)

Financial year Revenue Receipts
(In Rs. Crores)
Revised Estimates Actuals
2019-20 18,50,100.37 16,84,059.05
2020-21 15,55,153.17 16,33,920
2021-22* 20,78,936 18,38,921
(a):








Source: Receipt Budget 2020-21, 2021-2022, 2022-2023
*The Revised Estimates are for the entire year and the Actuals is till January, 2022

(b): The actual revenue collection as mentioned in reply of part (a) is inclusive of the contribution of variations in fuel prices and GST rates.

(c) & (d): Section 18 of the Constitution (One Hundred and First Amendment) Act, 2016 states that Parliament shall, by law, on the recommendation of the Goods and Services Tax Council, provide for compensation to the States for loss of revenue arising on account of implementation of the goods and services tax for a period of five years.

Central Government is committed for GST compensation to States/UTs for 5 years as per the Constitutional provision. The issue of compensation to States/UTs was also discussed in detail in the 45th GST Council Meeting held in Lucknow. The issue of augmenting resources under GST was also discussed in the said meeting. As a result of the decision by the Council, a Group of Ministers has been framed to look into the issue of rationalisation of GST rates.
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