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Centre could be forced to cut infrastructure spending: Report

19 Sep 2017 Evaluate

Amid the worries of missing the fiscal deficit target, there are reports that the Centre could be forced to cut infrastructure spending as GST glitches hit revenue. Key infrastructure such as railways and highways could see a spending cut as lower-than-expected tax collections and sluggish growth have upset the government`s budget calculations. Without spending cuts, the fiscal deficit could slip to 3.5 percent of GDP, from the target of 3.2 percent that government has set for 2017-18.

Tax receipts were about $ 7.8 billion in July - a little over half the monthly target - mostly because millions of firms failed to comply with the new Goods and Services Tax (GST) system that harmonises all state and central sales taxes.  The revenue shortfall could be at least Rs 800 billion ($12.5 billion) if the current trend continues until the end of the year. The receipts from individual and corporate income tax may slightly overshoot the target of Rs 9.8 trillion ($ 152.8 billion) for the whole year, partly due to a crackdown on tax evaders.

Though, in coming months, GST collections may pick up but the major fall-out to the lower spending in infrastructure could be further hit on economic growth, which slipped to a three-year low in the last quarter to 5.7 percent from 7.9 percent a year earlier, and the decline has been partially said to be the contribution of the introduction of the GST.

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