A Study on Impact of COVID-19 a Global Pandemicon Indian Economy: With special Context to Goods and Service Tax.

Abstract

Study is intended to emphasis significant impact of covid-19 a global pandemic situation in Indian economy. Indian economy consists various segments like, rail system, ecommerce industry, automobile sector, restaurants industry, information technology and software services, travels and tourism industry and lots of others industry having vital role in Indian economy. Economy was running as usual and suddenly at the end of third quarter of fiscal year 2019-20 a novel corona virus entered in Indian territory and start to infect the peoples silently. Gradually number of infected persons increased and a global pandemic situation been declared by the concerned authorities. Just within two months it’s been spread across the country and survival gone typical in normal course. Hence Indian government decided to complete lockdown nationwide to cope up with this global pandemic situation. Indian economy been sickening due to global pandemic situation. Every industry adversely affected by this covid-19 a global pandemic. Financial as well as convenience crises been arisen. To run and maintain economy every government required funds which is collected in form of taxes like, income tax, goods and service tax, etc. goods and services tax leviable only on supply of goods or services. Now in nationwide lockdown, supply of goods and services are completely affected adversely. Hence GST collection will also be affected adversely.