Fall in GST revenues spells bad news for state finances

The 19-month low in goods and services tax (GST) collections in September 2019 is worrying at many levels. It is yet another confirmation of the economy slowing down – if more evidence was needed, that is. More importantly, it is going to put a tremendous strain on finances of governments. Much has been written about how it is going to affect the fiscal deficit of the union government. But the eff…