GST was considered to be the biggest tax reform replacing all indirect taxes. But it has not live up to the expectations and since its inception 697 changes in GST have been made by the government. Apart from this, 146 circulars and 19 orders have been issued so far on various issues. The growth of GDP was expected to increase but growth rate of GDP of Q4 of FY20 has declined to 3.1%. The growth rate of GDP for FY20 has fallen to 4.2% — the lowest in the last 11 years. Recently, the states have been suffering from revenue losses and government is already short of compensation cess to be provided to states. The government has already set a budgeted target of Rs 6.90 lakh crore for FY21. The signs are clear that shortfall might appear again.
