STOCK MARKET BSE NSE

COVID-19 effect: 'GST collection for January 2022 could see a slide', say experts

While GST collection stood at Rs 8,335 crore for the month of December 2021, figures for January may not be as encouraging because of Omicron, point out experts. 

Published: 21st January 2022 04:33 AM  |   Last Updated: 21st January 2022 04:33 AM   |  A+A-

GST

For representational purposes (Express Illustrations)

By Express News Service

BENGALURU: While GST collection stood at Rs 8,335 crore for the month of December 2021, figures for January may not be as encouraging because of Omicron, point out experts. GST collection for November 2021 was Rs 9,048 crore, up from Rs 8,259 crore for October.

So there was expectation that the downward movement in December, as compared to November, would be arrested in January, but experts suggest the weekend curfew and other restrictions will impact the economy. 

During the worst period of the pandemic in 2021, GST collection was extremely sluggish, and while January may not see a drastic drop as in the worst Covid months, there could be a slight correction, say experts.

Chairman of the GST Committee at the Federation of Karnataka Chamber of Commerce and Industry BT Manohar said, "This is not specific to Karnataka, there is a drop in business across the nation."

Prof Sankarshan Basu of IIM told The New Indian Express, "January could be worse than December but may not be as bad as the worst-hit months of May and June. In October and November, there was the encouragement of festive season sales, but New Year's market was affected by curfews and restrictions. There could be an arrest of the downslide in February."

FKCCI former president CR Janardhan said, "Most MSMEs are in very bad shape due to Covid and payments are stalled. Banks are rigid and labour laws also don’t allow for much business, add to this confusing government orders, and it could adversely affect GST collection."



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp