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Impact Factor SJIF 2021(IJMR 8.047 & IJRD 8.013) Received,  DOI available on request to article , Indexed in Crossref Check ,ISI  Check. -Review Status: 2 Days, Online Publication: 1 Day, E-Certificate: Immediately-Submission Open for OCTOBER 2021 . Submit    
Vol : 7 , Issue : 5 , Month : May , Year : 2021
Journal Name : EPRA International Journal of Multidisciplinary Research (IJMR)
Title : A KNOCK AROUND THE ECONOMIC IMPACT OF COVID-19 WITH REFERENCE TO THE QUANTUM OF GOODS AND SERVICES TAX COLLECTION IN INDIA
DOI : https://doi.org/10.36713/epra6977
Author names : Dr. Baneswar Kapasi, Dr. Mahesh Kumar Kurmi
Abstract : COVID -19 has wedged all the major economies across the globe significantly. The World Health Organisation (WHO) first declared COVID-19 as a world health emergency in January 2020. The virus originated in Wuhan, China, but has been detected in over 200 countries. Amid the Coronavirus Pandemic, several countries worldwide resorted to lockdown to control infection. Due to lockdown, the production and distribution chains have been disrupted across the lands. All the segments of the economy have been impacted in different magnitude, and this has a direct impact on GDP, unemployment ratio, and tax collection. Goods and Services Tax (GST) is a harmonized tax of different indirect taxes in India. The GST collection reflects the volume of economic activities in India. Thus, in this paper, an attempt has been made to assess the impact of Covid-19 on the Indian economy concerning the quantum of Goods and Service collection in Indian during the lockdown period. For this study, secondary data relating to GST collection have been pooled from the official websites of the GST Council of India for the last three years, i.e., 2018 to 2020, and pair t-test have been run for testing statistical significance of the impact of COVID-19 on the quantum of the collection of Goods and Service Tax in India before and after lockdown announcement after adjusting the inflation factor. The results indicate no significant difference in the quantum of Goods and Services Tax Collection in India before and after the lockdown announcement due to the COVID-19 outbreak but a loss of Rs. 1,41,837 crore owing to the low collection of GST from March 2020 to August 2020 gives us a clear message that we should undoubtedly rethink the plans in more structural and more viable ways to reach a position to absorb any kinds of uncertain threats from the external environment.
Keywords : Covid-19, GST, Indian Economy, Pandemic, Lockdown
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