News > Act of God: Sitharaman explains COVID-induced revenue crunch
Act of God: Sitharaman explains COVID-induced revenue crunch
News | 28/08/2020 08:16 AM | Click to read full article
Union Finance Minister Nirmala Sitharaman described the coronavirus pandemic that has hit the Indian economy hard putting it into contraction as "an act of God".
A meeting was called to discuss ways to make way for the revenue shortfalls of states, which have been demanding GST compensation from the Centre. Sitharaman said the pandemic has impacted the GST collection to the tune of a shortfall of Rs 2.35 lakh crore.