Trade body cries for GST, IT cuts as economic crisis deepens
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New Delhi: As the second wave of COVID-19 aggravates the economic crisis in the country, the Confederation of All India Traders wrote to Finance Minister Nirmala Sitharaman demanding a reduction in GST and Income Tax. There was a loss of about seven lakh crores in the last 40 days, said the Confederation.
All the economy, including street vendors and small shop owners, has faced a heavy loss. The crisis is also huge in the transportation sector. In this situation, the government must be ready to provide relief in GST and income tax, wrote the confederation.
However, it is generally analysed that the huge crisis in the economy seen last year may not happen. The absence of a national-level lockdown may save the economy from an impending financial crisis, the government observed.