Categories: Business

Finance Ministry not considering calamity cess on GST | No idea of ​​imposing disaster cess on GST, Ministry of Finance clarified


Finance Ministry not considering calamity cess on GST

new Delhi. The Finance Ministry is not considering imposing a disaster cess on the Goods and Services Tax (GST), as companies are already faced with a decline in sales and a decrease in demand due to the Corona virus lockdown. Sources gave information about this.

Earlier some reports said that the Central Government is considering imposing a similar disaster cess on GST as the Kerala government imposed flood cess in June last year.

Sources in the Finance Ministry said that imposing any type of disaster cess in the current economic scenario during the Kovid-19 pandemic would not be less than a disaster in itself. A source said that increasing taxes like this at the moment will only cause a reverse loss as sales are already low and the industry is experiencing a decline in demand and difficulties regarding laborers.

The source said that any such measures could lead to downfall of consumers and weakening of the market, especially when the government is trying its best to boost consumption.

Internationally also no country has used this kind during this epidemic time. Congress leader Kapil Sibal had tweeted earlier in the day that even the RBI has acknowledged that the growth rate is going to be negative this year. In such a situation, do not even think about imposing disaster cess on GST. This would prove to be another disaster.

This post was published on May 24, 2020 12:56 am

Content Team

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