- Log In/Sign Up
- P-ISSN1738-3110
- E-ISSN2093-7717
- SCOPUS, ESCI
ISSN : 1738-3110
Impact Assessment of First Wave of Covid-19 Pandemic on Goods and Services Tax (GST) Revenue Collection & Distribution in India
HALDANKAR, Gajanan B.
Abstract
Purpose: The restrictions posed by the COVID-19 pandemic have affected the normal functioning of the economy. A country like India is facing a lot of concerns in all its sectors especially, in its fiscal system. This paper makes an attempt to examine the impact of COVID-19 first wave on Goods and Service Tax revenue collection and distribution in India and also studies the impact of COVID-19 first wave on the state wise GST revenue of the country. Research Design, Data and Methodology: Our study is based on published GST revenue data. Tools such as Paired Sample t-test, Wilcoxon signed rank test are employed to analyze the data. Results: Our results provide evidence that there is a sharp decline in the GST revenue in the months after the lockdown announcement. The large states show no significance impact of COVID-19 pandemic on GST collection. Whereas, small states like Manipur and Goa show significant difference in GST revenue collection & distribution between the pre and post lockdown period. Conclusion: The outcome of this study will help the policymakers to analyze the extent of the GST revenue loss to the government treasury and will allow them to take appropriate measures in the future.
- keywords
- COVID-19, Distribution, First Wave, Lockdown, GST Revenue collection, GST Revenue distribution, Fiscal Impact
Reference
AÇIKGÖZ, Ö., & GÜNAY, A. (2020). The early impact of the Covid-19 pandemic on the global and Turkish economy. Turkish Journal of Medical Sciences, 50(3), 520-526. https://doi.org/10.3906/sag-2004-6
Alam, M. N., Alam, M. S., & Chavali, K. (2020). Stock market response during COVID-19 lockdown period in India: An event study. Journal of Asian Finance, Economics and Business, 7(7), 131-137. https://doi.org/10.13106/jafeb.2020. vol7.no7.131
Aljawaheri, B. A. W., Ojah, H. K., Machi, A. H., & Almagtome, A. H. (2021). COVID-19 Lockdown, Earnings Manipulation and Stock Market Sensitivity: An Empirical Study in Iraq. Journal of Asian Finance Economics and Business, 8(5), 707-715. https://doi.org/10.13106/jafeb.2021.vol8.no5.0707
Balajee, A., Tomar, S., & Udupa, G. (2020). Fiscal Situation of India at the time of Covid-19. SSRN Electron. J. 2020:1-27. http://dx.doi.org/10.2139/ssrn.3571103
Baldwin, R., & Mauro, B. W. (2020). Economics in the times of Covid-19. A VoxEU.org Book, CEPR Press.
Bhat, B. A., Khan, S., Manzoor, S., Niyaz, A., Tak, H. J., Anees, S.U.M., Gull, S. & Ahmad, I. (2020). A Study on Impact of COVID-19 Lockdown on Psychological Health, Economy and Social Life of People in Kashmir. International Journal of Science and Healthcare Research, 5(2), 36-46.
Bruce D. McDonald, I., & Larson, S. E. (2020). Implications of the Coronavirus on Sales Tax Revenue and Local Government Fiscal Health. Journal of Public and Nonprofit Affairs, 6(3), 377-400. https://doi.org/10.20899/jpna.6.3.377-400.
Canuto, O. (2020). The impact of coronavirus on the global economy. Policy Notes and Policy Briefs 1029, Policy Center for the New South, 20-58. Retrieved from https://ideas.repec.org/p/ocp/ppaper/pb20-58.html
Chaudhary, M., Sodani, P., & Das, S. (2020). Effect of COVID-19 on Economy in India: Some Reflections for Policy and Programme. Journal of Health Management, 22(2), 169-180. ttps://doi.org/10.1177/0972063420935541
Choi, C., & Jun, J. (2020). The Distribution of New Town Development Paradigm against COVID-19: Lessons and Prospects, Journal of Distribution Science. 18(11), 41-45. http://dx.doi.org/ 10.15722/ jds.18.11.202011.41
Clemens, J., & Veuger, S. (2020). Implications of the covid-19 pandemic for state government tax revenues. National Tax Journal, 73(3), 619-644. http://dx.doi.org/10.17310/ntj.2020. 3.01
Dev, S. M., & Sengupta, R. (2020). Covid-19: Impact on the Indian Economy. Indira Gandhi Institute of Development Research, Working Paper -2020-013.
Erdem, E. (2012). Examination of the effects of project-based learning approach on students’ attitudes towards chemistry and test anxiety. World Applied Sciences Journal, 17(6), 764-769.
Heald, D., & Hodges, R. (2020). The accounting, budgeting and Fscal impact of COVID-19 on the United Kingdom. Journal of Public Budgeting, Accounting & Financial Management, 32(5), 785-795. https://doi.org/10.1108/JPBAFM07-2020-0121
Junco, R. (2013). Comparing actual and self-reported measures of Facebook use. Computers in Human Behavior, 29(3), 626-631. https://doi.org/10.1016/j.chb.2012.11.007
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The impact of COVID-19 pandemic on stock markets: An empirical analysis of world major stock indices. Journal of Asian Finance, Economics and Business, 7(7), 463-474. https://doi.org/10.13106/jafeb.2020.vol7.no7.463.
Mishra, M. K. (2020). The World after COVID-19 and its impact on Global Economy. ZBW- Leibniz Information Centre for Economics working available at https://www.econstor.eu/ bitstream/10419/215931/1/MKM%20PAPER%20FOR%20COVID.pdf
Morales, L., & Andreosso-O'Callaghan, B. (2020). Covid-19 -Global Stock Markets “Black Swan”. Critical Letters in Economics & Finance: 1(1), 1-14. https://doi.org/10.21427 /gv7k-1c77
Patnaik, I., & Sengupta, R. (2020). Impact of Covid-19 on Indian Economy: An Analysis of Fiscal Scenarios. Indira Gandhi Institute of Development Research, Mumbai, India, Working Paper-2020-026.
Rephann, T. (2020). Covid-19 economic and tax revenue impacts: estimates for the commonwealth of virginia and localities. Center for Economic and Policy Studies, Weldon Cooper Center for Public Service, University of Virginia. https://doi.org/10.13140/RG.2.2.20087.57764
Roy, A., Patnaika, B., & Satpathy, I. (2020). Consolidated recommendations to change GST patterns for managing the impact of Covid-19: A case in India. Eurasian Chemical Communication, 2(9), 1011-1020. http://dx.doi.org/10.2203 4/ecc.2020.115044
Senol, Z., & Zeren, F. (2020). Coronavirus (COVID-19) and Stock Market: The effects of the pandemic on the global economy. Eurasia Journal of researches in social and economics, 7(4), 1-16.
Shapiro, S.S. and Wilk, M.B. (1965). An Analysis of Variance Test for Normality (Complete Samples). Biometrika, 52(3/4), 591-611.
Siddiqui, K. (2020). The Impact of Covid-19 on the Global Economy. The World Financial Review, 25-31.
Singh, B. P. (2020). Impact of COVID-19 on Rural Economy in India.MPRA Working paper 100530.
Utomo, C. D., & Hanggraeni, D. (2021). The Impact of COVID-19 Pandemic Stock Market Performance in Indonesia. Journal of Asian Finance, Economics and Business, 8(5), 777-784. https://doi.org/10.13106/jafeb.2021.vol8.no5.0777
Yousef, I. (2020). The impact of Coronavirus on the Stock Market Volatility. International Journal of Psychosocial Rehabilitation, 24(06), 69-81.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance Research Letters, 36, 101528. https://doi.org/10.1016/j.frl.2020.101528
- Downloaded
- Viewed
- 0KCI Citations
- 0WOS Citations