The COVID-19 outbreak is set to disrupt India’s indirect tax mathematics. The Goods and Services Tax collections for March slipped to Rs 97,597 crore against a collection of Rs 1.05 lakh crore in February. India was going through a period of slowdown before the pandemic broke out.
According to government data released in February, India’s GDP grew 4.7 percent in the October-December quarter of 2019-20. GDP growth in the previous quarter had been revised to 5.1 percent.
India’s GDP grew 4.5 percent in July-September 2019, the lowest since the fourth quarter of 2012-13. The economic slowdown came at the back of 5 percent GDP growth recorded in April-June and 7.1 percent in July-September last year.